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Iran's currency slides to record low as savers buy dollars

Middle East

25-02-2023 | 15:45

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Iran's currency slides to record low as savers buy dollars

Iran's rial currency sank to a record low against the U.S. dollar on Saturday despite central bank measures aimed at cooling demand for foreign currency from savers worried about inflation and the country's economic prospects.

The rial was trading at 575,000 on the unofficial free market against the dollar, compared to 540,000 on Friday, according to foreign exchange site Bonbast.com. The website bazar360.com also gave the rate as 575,000.

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