Iran Currency Hits Record Low Ahead of EU Additional Sanctions

[Asia Economy Reporter Minji Lee] The Iranian currency plummeted ahead of the European Union (EU)'s announcement of additional sanctions against Iran.

[Image source=Yonhap News]

On the 22nd (local time), according to 'Bonbast,' a site that publishes the exchange rate of the Iranian rial market, the trading rate exceeded 450,000 rials per US dollar. This is an all-time high, surpassing the previous record of 440,000 rials set on the 28th of last month.

Recently, the rial has been soaring ahead of the EU's announcement of additional sanctions. The EU imposed sanctions on senior officials of the Iranian government, military, and police in connection with the harsh crackdown on anti-government protests triggered by the suspicious death of a female university student arrested for not wearing a hijab last September. Individuals on the sanctions list have their assets frozen within the EU and are banned from visiting the region.

Among EU member states, calls are growing to designate the Iranian Revolutionary Guard Corps (IRGC) as a terrorist organization and impose sanctions. The European Parliament cited the ruthless suppression of anti-government protests and the provision of drones to Russia, which invaded Ukraine, as reasons for the terrorist designation.