U.S. dollar now worth 2 million Iranian rials.
No, that’s not a misprint.
Iran’s jihadist leaders keep declaring victory (and the media keeps declaring victory on their behalf) while their currency is approaching Venezuelan or Zimbabwean levels of viability.
For the first time in history, the US dollar has reached 2 million rials as the Iranian currency depreciates in the face of war.
Last week, the dollar was trading at 1.865 million rial, meaning this week’s valuation is a nearly 7% fall in value.
Iran’s economy, which is based on oil and taking hostages (and that last part really only paid off under Obama and Carter) hasn’t been great in a while, but a few years ago the Rial was at 42,000 or so to the dollar and now it’s reaching absurd levels.
That financial meltdown is a reflection of bigger problems.
Inflation has soared above 80%, with prices for certain food staples up 100%. The currency, which triggered nationwide protests late last year after it collapsed, has lost a further 30% of its value this year.
The International Monetary Fund said in April Iran’s economy will shrink 6.1% this year, the worst contraction in decades. And a labor ministry official estimated that more than 1 million jobs had been lost by late May.
Iran’s central bank governor, admitted on state TV this week that the U.S. blockade has prevented Iran from selling it oil, a top source of revenue for the regime. “It is a reality that we are not exporting oil,” Abdolnaser Hemmati said. “The Americans have frozen our foreign exchange reserves and do not allow us to access them.”
Of course this only matters so much to the IRGC and its terror bands who have the guns and are therefore actually in power. But fortunately for Iran they have major assets inside the United States of America, like our media and the entire political party that comes with it, which has been working hard to undermine the blockade.
It may be 2 million rials to the dollar, but it’s a thousand traitors to the dollar.
Wellington says
The two best allies of the putrid Iranian regime are the Democratic Party of the USA and the Western media.
Go figure. Yes, what a stupid age we live in. Many ages just as vile but none stupider. At least Chamberlain after March of 1939, six months after the massive stupidity at Munich, finally realized his error and proceeded accordingly, but till to this day neither the Democratic Party of America nor the Western media have realized their error where assessing Iran and all of the Islamic world is concerned.
Talk about stupid and herein I rest my case.
Taffy says
The media doesn’t necessarily want to see Iran win, they want to see trump fail.the MSM is a despicable bunch whose vendetta against Trump is so large in scope,mthat they would bring down the whole United States if they could thwart even a small aspect of Trump’s plans.