The United States has openly acknowledged its role in intensifying Iran’s currency crisis, with U.S. Treasury Secretary Scott Bessent admitting that Washington engineered a U.S. dollar shortage that contributed to the collapse of Iran’s currency and sparked widespread protests. Bessent described the move as part of a deliberate economic strategy during testimony before the U.S. Senate, saying sanctions and financial pressure led to runaway inflation and unrest.

Iran Currency Crisis: US Engineered Dollar Shortage, Confirms Scott Bessant

 Iran’s currency has lost roughly 20,000 times its value since 1979 due to US sanctions, political turmoil, and economic mismanagement. The rial fell from 70 per USD to over 1.4 million.

Why has Iran’s rial lost about 20,000× of its value since 1979?

It has been a tough week for Iran. There were concerns expressed by the United States and other countries regarding Iran’s Uranium reserves and earlier this week, International Atomic Energy Agency (IAEA) passed a resolution that criticised Iran’s nuclear programme. Following the resolution, Iran’s national currency – the rial – has seen a massive fall as it reached a record low against the US dollar. This was the worst fall for the rial since Iran was hit by new United States sanctions in 2020. In response, the government and the central bank of the country has decided to pump cash into the market and according to Tasnim news website, they spoke with a group of foreign exchange traders.

Also read |&nbsp;<a href="https://www.wionews.com/world/new-problem-for-ukraine-specialist-gang-smuggling-ancient-artifacts-to-russia-487537" hreflang="en">New problem for Ukraine? Specialist gang smuggling ancient artifacts to Russia</a>

In a bid to bring down foreign currency rates, exporters have been instructed to offer their banknotes in the market, according to Al-Jazeera. The governor of Iran’s central bank - Ali Salehabadi – also said that they have cashed in $7.5bn worth of proceeds from sales of crude oil till May 21.

Iran has also not taken the UN resolution quite well and in response, they took down a number of cameras from nuclear plants all around the country. The cameras belong to the UN nuclear watchdog in order to keep an eye on Iran’s nuclear activities as part of the Iran Nuclear Deal.

Also read |&nbsp;<a href="https://www.wionews.com/world/iran-enriching-uranium-at-an-unprecedented-rate-dangerously-close-to-nukes-israeli-pm-bennett-487478" hreflang="en">Iran enriching uranium at unprecedented rate, dangerously close to nukes: Israeli PM Bennett</a>

According to IAEA director Rafael Grossi, as many as 27 cameras have been removed from the plants till now and it could be a “fatal blow” to the existing Iran Nuclear Deal.

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It has been a tough week for Iran. There were concerns expressed by the United States and other countries regarding Iran’s Uranium reserves and earlier this week, International Atomic Energy Agency (IAEA) passed a resolution that criticised Iran’s nuclear programme.

It has been a tough week for Iran. There were concerns expressed by the United States and other countries regarding Iran’s Uranium reserves and earlier this week, International Atomic Energy Agency (IAEA) passed a resolution that criticised Iran’s nuclear programme. Following the resolution, Iran’s national currency – the rial – has seen a massive fall as it reached a record low against the US dollar. This was the worst fall for the rial since Iran was hit by new United States sanctions in 2020. In response, the government and the central bank of the country has decided to pump cash into the market and according to Tasnim news website, they spoke with a group of foreign exchange traders. Also read | New problem for Ukraine? Specialist gang smuggling ancient artifacts to Russia In a bid to bring down foreign currency rates, exporters have been instructed to offer their banknotes in the market, according to Al-Jazeera. The governor of Iran’s central bank - Ali Salehabadi – also said that they have cashed in $7.5bn worth of proceeds from sales of crude oil till May 21. Iran has also not taken the UN resolution quite well and in response, they took down a number of cameras from nuclear plants all around the country. The cameras belong to the UN nuclear watchdog in order to keep an eye on Iran’s nuclear activities as part of the Iran Nuclear Deal. Also read | Iran enriching uranium at unprecedented rate, dangerously close to nukes: Israeli PM Bennett According to IAEA director Rafael Grossi, as many as 27 cameras have been removed from the plants till now and it could be a “fatal blow” to the existing Iran Nuclear Deal. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Iran currency drops to lowest value ever as troubles over nuclear deal continue

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Iran Currency Crisis: US Engineered Dollar Shortage, Confirms Scott Bessant

Why has Iran’s rial lost about 20,000× of its value since 1979?

Iran currency drops to lowest value ever as troubles over nuclear deal continue