Iran’s currency plummets to record low as Trump restores ‘maximum pressure’ policy

(5 Feb 2025)
RESTRICTION SUMMARY: NO ACCESS BBC PERSIAN/NO ACCESS VOA PERSIAN/NO ACCESS MANOTO TV/NO ACCESS IRAN INTERNATIONAL

ASSOCIATED PRESS – NO ACCESS BBC PERSIAN/NO ACCESS VOA PERSIAN/NO ACCESS MANOTO TV/NO ACCESS IRAN INTERNATIONAL
Tehran, Iran – 5 February 2025
1. Currency exchange shops in downtown Tehran
2. Electronic boards showing U.S dollar rate (as official rate IRR 690030 even though the real rate has hit all time high)
3. Dealer’s hands while counting dollar bills
4. Exchange shop window
5. Pedestrians
6. Dealer’s hands while counting Rial bills
7. Pedestrians
8. SOUNDBITE (Farsi) Majid Maryami, teacher:
"When (Donald) Trump shows any hostility toward us or talks about war or anything against Iran, the dollar (exchange) rate goes up. I wonder what our internal affairs and things we buy and sell inside the country have to do with Trump’s remarks. And when Trump shows leniency, the dollar rate goes down. That’s why I think, for the sake of the people, we should be more balanced. We should be friends with neighbors and the outside world, not their enemy."
9. Various of exchange shops and pedestrians
10. SOUNDBITE (Farsi) Noori (first name not given), Tehran resident:
"Our issues are more internal than related to foreigners. We must rely on ourselves. They (enemies) are bitter or hostile with us, they hate us, and they do whatever necessary against us. We must make ourselves stronger, we should get on our feet and fix our economy."
11. Pedestrians
12. Exchange shops
13. Traffic on road
STORYLINE:
Iran’s currency, the rial, plunged Wednesday to a record low of 850,000 rials to $1 after U.S. President Donald Trump ordered a restart to the “maximum pressure” campaign targeting Tehran.

Trump’s order, signed Tuesday night, calls for halting Iran’s oil exports and pursuing a “snapback” of United Nations sanctions on Iran.

However, he also suggested he didn’t want to impose those sanctions and wanted to reach a deal with Iran.

Iranian officials appear to be signaling that they are waiting for a message from Trump on whether he wants to negotiate over Tehran’s rapidly advancing nuclear program.

At stake are potentially billions of dollars withheld from Iran through crushing sanctions and the future of a program on the precipice of enriching weapons-grade uranium.

Iran denies seeking a nuclear weapon.

And even when signing an executive order to reimpose his “maximum pressure on Iran” on Tuesday, Trump suggested he wanted to deal with Tehran.

The Rial’s decline has been accelerating since 2018 when Trump withdrew from the 2015 nuclear deal and reimposed crippling sanctions on Iran.

A decade ago, the Rial stood at 32,000 rials to $1.

AP video shot by Saeed Sarmadi

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