Iranians have formed long lines in front of exchange offices in recent days, hoping to acquire increasingly scarce dollars while many have seen their life savings evaporate as the local currency has deteriorated
Iran’s currency fell to a new record low on Sunday, plunging to 600,000 to the dollar for the first time as the effects of nationwide anti-government protests and the breakdown of the 2015 nuclear deal continued to roil the economy.
The dire economic conditions have contributed to widespread anger at the government, but have also forced many Iranians to focus on putting food on the table rather than engaging in high-risk political activism amid a fierce crackdown on dissent. The agreement unravelled when then-President Donald Trump unilaterally withdrew the U.S. from it and restored crippling sanctions. Iran responded by ramping up its enrichment of uranium, and now has enough for “several” atomic weapons if it chooses to develop them, according to the U.N.’s nuclear watchdog.
The Biden administration supports a return to the 2015 agreement, but negotiations hit an impasse last year and appear to have ground to a halt. Iran has further angered Western countries by supplying armed drones to Russia that have been used in its invasion of Ukraine.
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