Iran's economy is facing a severe crisis as its local currency, the rial, continues to plummet in value against the U.S. dollar, causing significant financial distress for the Iranian population. As 87 million beleaguered Iranians welcome the Persian New Year, they don’t have much to celebrate. Many have witnessed their life savings evaporate as the rial's value has dwindled. On April 2, the currency fell to a record low, plunging to 627,000 to the dollar, reflecting a sharp decline from previous levels. This drastic devaluation has eroded the purchasing power of the Iranian people, leading to a loss of savings, and making it increasingly difficult to afford basic necessities. The rial’s record low came less than a month after a parliamentary election that saw the lowest turnout since the 1979 Islamic Revolution, with only an estimated 8.2% of the population participating in what was a sham poll, dominated by hand-picked hard-line candidates who regularly chant “Death to America” inside parliament. The mullahs have further angered Western countries by supplying armed drones to Russia that have been used in its illegal war in Ukraine.
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