Iranian rial plummets to historic low against USD/Euro

The national currency of Iran - the rial, plummeted to a historical low against the US dollar and euro, on February 16, 2023.

Currently, the price of $1 on the black market in Iran is around 472,000 rials. The figure stood at 462,000 rials on February 15.

At the same time, the price of 1 euro on the black market in Iran is currently 504,000 rials, while on February 15, the figure was 496,000 rials.

Economic sanctions against Iran by the US and Western Europe countries, ongoing protests, inflation, as well as other problems show that the economic situation in the country is becoming more complicated day by day.

In Iran, the official exchange rate (where $1/42,000 rials, and 1 euro/44,869 rials) is used for the import of some essential products.

SANA system is a system introduced by the Central Bank of Iran to the currency exchange offices, where the price of 1 euro is 329,057 rials, and the price of $1 is 306,930 rials.

NIMA is a system intended for the sale of a certain percentage of the foreign currency gained from export.

The price of 1 euro in this system is 305,546 rials, and the price of $1 is 285,000 rials.