What Happened: Iran's rial reached a historic new low July 30, trading at an average of 112,000 rials to one U.S. dollar on the black market, Bloomberg reported.
Why It Matters: Iranian officials are at a loss for how to keep Iran's currency from continuing to depreciate in value and cause further instability in the country.
Background: Following its departure from the Iran nuclear deal, formally known as the Joint Comprehensive Plan of Action, the United States has targeted Tehran with sanctions, causing market instability in the country.
- Deciphering the War of Words Between the U.S. and Iran (July 24, 2018)
- Back Under U.S. Sanctions, Iran Looks for a Plan B (July 23, 2018)
- Iran: How Economic Protests Are Exacerbating Internal Government Rivalries (June 27, 2018)