PLUMMETING

Iran’s Currency Value is 10 Times Lower Than It Was After 2015 Nuclear Deal

Both the U.S. and Iran still can’t agree on terms for a new deal.

The value of Iran’s currency is now more than 10 times lower than what it was at the time of the 2015 nuclear deal as the country refuses to budge on terms for a new one. It now takes 332,000 rials to match one U.S. dollar, according to the Associated Press, coming 12 days after it only took 318,000 rials to do the same. Both numbers, however, are a far cry away from 2015, when it took 32,000 rials to trade for a U.S. dollar. The impact of U.S. sanctions on Iran following the U.S.’ withdrawal from the deal has crippled Iran’s economy, though talks between both countries have sought to revive it. The country has still cracked down on those who try to manipulate it, arresting 31 gold and currency traders for creating a “false demand” in the marketing.