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Iranian Rial Hitting Historic Lows Divides Regime’s Hardliners

A man stands outside of an exchange office in Iran. iranintl.com
A man stands outside of an exchange office in Iran. iranintl.com

Iran’s currency has dropped to a new historic low again, breaking the 430,000 rial resistance point against the US dollar Wednesday, amid global political isolation and economic woes.

As the dollar hit 432,700 rials on Wednesday, the hardliners of the regime have also started rebuking the administration of President Ebrahim Raisi, who belongs to their camp.

The rial has now lost about 80 percent of its value compared to mid-2021 and close to 50 percent since December 2021. Inflation is also skyrocketing. Food prices have jumped much faster than the overall inflation, with some items registering 100-percent increase in one year.

On Wednesday, Khabar Online, an Iranian conservative website published an article that has been growing among the country’s hardliners. Hardliners in parliament and some in military have begun harshly criticizing the presidential administration that they were praising just recently. The parliament has been pushing to get some explanations for the plummeting currency, but Raisi’s team tries to defend the status quo and their performance, mostly blaming everything on US sanctions, foreign pressures and the international economic situation.

“The issue of the dollar in Iran is a complex issue,” the article read, noting that the same hardliners who were writing to former president Hassan Rouhani urging him not to blame sanctions for the country’s deteriorating economic situation, now blame problems on popular protests. State media seek to pretend that the reason behind the fall of rial is a foreign conspiracy to foment unrest across the country. 

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