Forbes Identifies Iranian Rial as the Weakest Currency in the World

The American and reputable magazine 'Forbes' has introduced the Iranian rial as the weakest currency unit in the world. The magazine states that one rial is only worth 0.000024 US dollars, or in other words, one dollar equals 42,273 rials. Although Forbes has compared the rial against the dollar at this price, on July 19, the price of the dollar in the free market reached 48,700 tomans or 480,000 rials. Forbes explained in its report that Iran is one of the leading exporters of oil and natural gas, but economic sanctions stemming from the Islamic Republic's nuclear secrecy, political unrest, and high inflation have put pressure on the Iranian currency. The Iranian rial was adopted as the currency of Iran on March 17, 1929. The Economist magazine recently reported that the national currency of Iran is '55% weaker than a year ago and 94% weaker than a decade ago' in a chart showing the fluctuations of the rial against the dollar in February (Esfand) and noted that nationwide protests since September following the death of Mahsa Amini have intensified the decline of the rial. Forbes stated in its ranking that the US dollar is considered the strongest and most traded currency in the world. Forbes explained that foreign currencies are traded in pairs and therefore, the value of a currency is always priced relative to another currency known as the 'exchange rate.' The currency system of many countries is 'floating,' and their currency value fluctuates based on supply and demand. However, the value of some currencies relative to another currency (such as the US dollar) is fixed at an agreed rate. Forbes analyzed the weakest currencies in the world based on the number of currency units received in exchange for one US dollar. Currencies from Vietnam, Laos, Sierra Leone, Indonesia, and Lebanon ranked second to sixth in this list of the weakest currencies in the world. A warning from a 'reformist' party about collapse; the economy is on the brink of crisis. Continued efforts to control the currency market; the head of the Central Bank of the Islamic Republic: entering the unofficial currency market is 'equivalent to money laundering.' A repeated version of 'command economy'; prohibition of coin transactions without registration in the system. Continued decline in the value of the rial; the head of the Central Bank: I do not accept the rate of 'free dollar.' Molavi Abdolhamid: We have raised the dollar from 7 tomans during the Pahlavi era to over 50 thousand tomans.