Iran’s currency hits record lows as the US and Western allies impose sanctions, leading to economic turmoil reflected in a shrinking budget for next year in Tehran. The proposed budget sees minimal growth but with high inflation, lower public spending, and minimal wage increases, exacerbating the impact of the plunging national currency. The government aims to increase taxes and shift away from oil revenues, while also eliminating a subsidized exchange rate and introducing electronic coupons for low-income Iranians. The budget, denominated in new rials, highlights the grim economic outlook as inflation continues to rise, posing challenges for the Iranian population.
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