Economics International Relations News

"Iran's Pharmaceutical Industry and Currency Crisis: Record Lows and Challenges"

Iran's currency hit a record low of 613,500 rials to the dollar as people celebrated the Persian New Year, with exchange shops closed due to the Nowruz holidays driving up demand for foreign currency. The depreciation of the rial has led to widespread economic struggles for Iranians, with the inflation rate at over 42.5%. Tensions with the West, exacerbated by the collapse of nuclear deal talks and Iran's support for Russia in the Ukraine conflict, have further complicated the country's economic situation.