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Iran's Rial Hits Record Low Amid Inflation and Tax Hikes

12/29/2025

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Summary

Story summary

The Iranian rial reached a record low of 1.36 million per U.S. dollar amid sanctions.
The budget for the upcoming Iranian calendar year shows a 5% nominal increase and lower public spending amid 50% inflation.
The government plans to raise taxes by 62% to cut oil revenue dependence.
Concerns over removing subsidized rates for essential goods may trigger price shocks, prompting criticism of President Masoud Pezeshkian's administration.

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Story summary

The Iranian rial reached a record low of 1.36 million per U.S. dollar amid sanctions.
The budget for the upcoming Iranian calendar year shows a 5% nominal increase and lower public spending amid 50% inflation.
The government plans to raise taxes by 62% to cut oil revenue dependence.
Concerns over removing subsidized rates for essential goods may trigger price shocks, prompting criticism of President Masoud Pezeshkian's administration.