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Source: https://www.ft.com/content/7295df7f-5e4b-4fe6-a266-7390c71412f5
Iran's Currency "Turns to Ash," Sparking Protests
(Financial Times-UK) Najmeh Bozorgmehr - Iran's currency has plunged to new lows as the country struggles with the economic aftershocks of the war with Israel, sparking protests from shopkeepers and piling pressure on the Islamic republic's leaders. The rial has lost 40% of its value since the 12-day war in June, hitting a record low of 1.45 million to the U.S. dollar. The currency's slide has accelerated as oil revenues have shrunk under sanctions from the U.S., while inflation reached 42% for the year. Shopkeepers selling electronic goods shut their stores in central Tehran on Sunday in protest, with merchants in the capital's Grand Bazaar joining the strike on Monday. Videos on social media showed riot police using tear gas to disperse crowds. "They pay us in currency that turns to ash when you try to buy basic goods," said Sheyda, a pensioner.