High inflation, currency collapse and soaring food prices: The damning numbers behind Iran’s economic implosion
How Iran’s currency crashed and why things are unlikely to improve
- A severe currency crash in Iran late last month triggered widespread protests, which have since seen over 2,400 demonstrators killed in a government crackdown.
- The Iranian rial's value has plummeted dramatically, falling from approximately 42,000 to over 1.1 million against the US dollar, rendering purchasing power almost non-existent when buying goods from outside the country.
- Iran is experiencing near-unfathomable inflation, which surged to 48.6 per cent by October, significantly eroding citizens' savings and ability to afford basic necessities.
- Experts attribute the economic collapse to a combination of alleged widespread corruption, stringent international sanctions, and a five-year drought impacting food production.
- Analysts suggest there is no clear path to economic stability for Iran, as the currency is considered practically worthless in global markets due to internal instability and political isolation.