Iranian Rial Plunges 13% as Tensions Heighten Economic Anxiety
• Iranian rial has plunged 13% against US dollar since early January due to Israel-Hamas war and worries of US-Iran conflict • Government refuses to recognize free market exchange rate, instead uses official lower rate showing just 4.1% devaluation • People forced to use black market to get US dollars as foreign currency scarcely available at official rate • Government has cracked down on unauthorized transactions like virtual exchanges and banned exchange offices from sharing rates • If US-Iran tensions rise further over Iran's support of groups attacking US allies, rial could fall further, though officials deny major devaluation