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foxbusiness: Iran’s currency fell to a new record low on Sunday, plummeting to 600,000 rials to the dollar for the first time in history as the country’s economy continues to be roiled by nationwide anti-government protests and international sanctions.
Iranians’ purchasing power has been decimated by inflation, which reached an annual rate of 53.4% in January – up from 41.4% two years according to the country’s statistics center. The dire economic circumstances have wiped out the life savings of many and caused Iranians to form long lines at currency exchange offices in recent days in an effort to acquire increasingly scarce dollars.
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