25 March 2024
Iran’s currency dropped to an all-time low of 613,500 to the dollar amid the Persian New Year celebrations. The scarcity of open exchange shops during the Nowruz holiday, which spans from March 20 to April 2, exacerbated the situation. High demand for foreign currency, particularly dollars and Euros, due to holiday travel, coupled with limited access to exchange services, significantly influenced the currency’s valuation. This event reflects broader economic pressures and the impact of seasonal factors on Iran’s financial stability.