The euro crossed 3 million Iranian rials for the first time Saturday, a new benchmark in the currency's collapse, according to The Zioneer. A parliamentary research center found the cost of 11 basic goods surged 67% in eight months, while government food vouchers now cover only 26% of the basket. Mohsen Rezaei, an advisor to Supreme Leader Khamenei, said the country is in 'one of its most difficult periods.'
The euro crossed 3 million Iranian rials on the open market for the first time Saturday, a new psychological threshold in the currency's collapse. According to reports monitored by The Zioneer, the Iranian parliament's research center found that the cost of a basket of 11 basic goods surged 67% over eight months, while government food vouchers now cover only 26% of the basket, down from 44% at the start of the period. In a rare acknowledgment of the crisis's depth, Mohsen Rezaei, an advisor to Supreme Leader Ali Khamenei, said the country is in "one of its most difficult periods."
The new milestone follows a day of accelerating decline: earlier Saturday the rial weakened 4% to hit 2.7 million per dollar, as The Zioneer reported at 18:21 Jerusalem. The currency has now lost roughly 30% in six weeks. The euro's crossing of 3 million rials marks a further escalation in a freefall that has seen the dollar surge from 2 million rials in August to 2.4 million toman (equivalent to 2.4 million rials) in September, as The Zioneer reported on August 24 and September 28. Official annual inflation stands at 89%, with food prices surging over 130% year-on-year, according to an August 4 report by The Zioneer.
The economic crisis is driven by U.S. sanctions and a naval blockade that have sharply reduced Iran's foreign-currency revenues and oil exports. The regime's inner circle has increasingly acknowledged the severity, though public response has so far been limited to fatigue and belt-tightening rather than mass protest. Reports from inside Iran describe families leaving Tehran due to rising rents, and households cutting back on medicines and basic goods.
What remains unverified is whether the regime can maintain stability as the rial continues to weaken and purchasing power erodes. Each additional month of war and sanctions further erodes living standards, potentially raising the risk of renewed unrest.
4 developments
- StrongIranian media outlet profiles Mohsen Rezaei as 'most failed figure' in regime's power pyramid
- DevelopingSenior Iranian officials reportedly fear US restrictions will cause economic collapse
- DevelopingIranian parliament security spokesperson: 'Prepare to receive a severe blow from the Iranians'
- DevelopingIranian president warns economic pressure could erode public support for government
Source and signal
- Open-source intake