Hyperinflation has destroyed the cpountry's currency rial and Iranians can no longer afford basic goods and services. Protests in the streets have escalated and thousands are feared dead.

Tehran

Iran is undergoing a deepening economic crisis, marked by soaring inflation rates and a dramatic collapse of its currency. The annual inflation rate reached 72 percent in November, and the exchange rate for the rial against the U.S. dollar has surged by over 2,200 percent, making basic goods unaffordable for many citizens. U.S. sanctions have sharply reduced Iran's oil and gas revenues, further destabilizing the economy.

The worsening situation has led to ongoing protests across the country, with many Iranians expressing frustration at the government's handling of the crisis. In response to the unrest and a high death toll, the U.S. government has announced additional tariffs on countries still trading with Iran, primarily affecting China, one of Iran's main oil buyers.

Iran economy hits rock bottom amid protests

The protests in Iran continue. The main trigger for the days-long unrest is the country's dramatic economic situation. Due to high inflation, people can't afford basic goods and services any longer, and they're upset with the authorities they're accusing of ruining the lives of many Iranians. They have been trying to lower inflation rates. Instead, we saw this past few months, inflation increased maybe by 50 percent. So the inflation in November ran at an annual rate of 72 percent. So I don't know if there is the economic means to stabilize prices, stabilize the exchange Iranians are unable to export oil, but they're also unable to export anything else. Oil and gas exports are Iran's most important source of income. However, due to U.S. sanctions, revenues in this and other sectors are declining dramatically. At the same time, the currency has become virtually worthless overnight. While one dollar equaled around 43,000 rials in December, Iranians now have to spend almost one million rials for a single dollar. That's an increase of more than 2,200 percent. Following this massive currency collapse, the head of the Iranian Central Bank resigned at the end of December. But the economy remains in dire straits. The protests have also given many exiled Iranians hope for change and improvement. But no one knows how it will end. I was in Iran a few months ago, and I just couldn't believe how my middle class family could not even simply afford a basic need. And I come from a middle class background, let alone to the poor people. There is no future. There is no job. There is no water. There is no electricity. Meanwhile, U.S. President Trump has reacted to the high death toll and expressed support for the protests, announcing immediate additional tariffs on all countries still doing business with Iran. This primarily affects China, a major buyer of Iranian oil.

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Breakdown