Iran’s currency fell to a record low on Sunday, plunging to 613,500 to the dollar, as its people celebrated the Persian New Year
Iran’s currency fell to a record low on Sunday, plunging to 613,500 to the dollar, as its people celebrated the Persian New Year.
On Sunday, people were trying to exchange rials for foreign currency at Tehran’s main hub of exchange shops in Ferdowsi Street, but most were closed due to the Nowruz holidays, which are run from March 20 to April 2.
Mohsen, a 32-year-old employee at one of the exchange shops, said the holiday was contributing to the low prices, “The price is not real, the demand for purchasing dollars is very high, but there are just a few exchange shops open.” He and other Iranians spoke on condition their last names not be used, because of potential repercussions for speaking to foreign media about the country’s economic struggles.
The two-week holiday is an opportunity to travel abroad, driving demand for U.S. dollars and Euros.
Mojtaba, a 49-year-old father, was shocked: “The rial fell 5% compared to the last six days, while the whole country is on vacation!”
Niloufar, 28-year-old wife and her husband Behzad, 30, said that they’d booked a weeklong tour of Turkey at a discount rate, but were now looking at spending as much as full-price tour.
