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Iran's Currency Hits New Low as "Snapback" Sanctions Loom
(Al Jazeera) Maziar Motamedi - Iran's currency has been sharply depreciating again as European powers push to reinstate UN sanctions against the country amid stalled diplomacy. The U.S. dollar hit a price of more than 1.06 million rials in Tehran's open currency market on Monday. The inflation rate remains above 35% in Iran, one of the highest in the world. After decades of mismanagement and sanctions, Iran is also battling multiple crises domestically. Tehran and other cities have been experiencing daily power blackouts for months. The capital and expansive areas across Iran are facing a water crisis as well.