Iran’s currency, the rial, fell as much as 18% on Monday to a record low against the US dollar, according to media reports.
It dropped to as much as 35,000 to the dollar, according to agencies citing currency exchange sites in the country.
The currency has reportedly lost 80% of its value since the end of 2011.
The fall suggests economic sanctions imposed over its disputed nuclear programme are hitting economic activity ever harder.
The rates were not available on the exchanges’ websites later in the day. The BBC’s Middle East analyst Sebastian Usher suggested the figures had been blanked out because of the extent of the fall.
The latest slide appears to have been triggered by a government move to supply dollars to importers of certain basic goods at a special rate in an attempt to rein in the currency slide, but the move has had the opposite effect.
Iran is all but frozen out of the global banking system as a result of largely US-led sanctions designed to discourage what it says is Iran’s attempts to build a nuclear weapon.
Tehran says its nuclear programme is for purely peaceful purposes, such as energy and producing medical isotopes.
The economic sanctions placed on Iran have effectively driven the Green Movement underground. If a regime change is to take place, it must be undertaken by the Iranian people alone. Economic sanctions force the population to become more reliant on government services and it shifts any opposition into a position of vulnerability, as I’ve explained in the posts I linked to. The sanctions are counterproductive and they only work to harm the people the Iranian government does not represent. The Iranian people want a regime change and so do we. This is not how to do it.