Iranian currency has collapsed to a new all-time low

The exchange rate of the Iranian rial against the US dollar on the free currency market of the Islamic republic has hit a historic low.

This is evidenced by data from the specialized financial portal tgju.org, owned by the information network of the Tehran Gold and Currency Union.

According to the platform's quotes, the value of one dollar on the free market reached approximately 2.53 million Iranian rials.

Earlier, Iran introduced a banknote with a denomination of 10 million rials — the largest bill in the country's history. The authorities' decision is linked to the need to combat inflation and growing demand for cash amid the military confrontation with the United States and Israel.

The actual value of the new pink-colored banknote is approximately 7 dollars. Its obverse depicts the 9th-century Jameh Mosque in Yazd, while the reverse features the ancient Bam Citadel.