Iranian currency keeps falling after UN sanctions snapback

Shafaq News – Baghdad

Iranian toman slid past 115,000 to the dollar on Saturday as foreign currency prices surged and Iran’s economic downturn deepened.

The official currency of Iran is the Iranian Rial (IRR). However, in everyday life, people commonly use the Toman, which is an informal unit equal to 10 rials.

The exchange rate reached 115,300 tomans for $1, up from 112,800 recorded on Wednesday. The rate inched higher steadily throughout the week, after starting at 108,000 tomans on November 8, marking a jump of more than 5,000 tomans, or about 5.2 percent.

According to the Statistical Center of Iran, annual inflation this month hit 40.4 percent, reflecting a continued rise in the average cost of goods and services over the past 12 months compared with the same period last year.

The currency slide followed European powers’ activation of the UN snapback clause, which reinstates sanctions linked to Iran’s nuclear file.