Iranian Currency Crisis Sparks Nationwide Protests

Iranian traders are protesting for a second day as the national currency, the rial, falls to a record low. The depreciation has led to increased inflation, severely impacting food prices and household budgets. The situation is exacerbated by potential gasoline price hikes and upcoming tax increases.

Protests amongst Iranian traders and shopkeepers continued for a second consecutive day on Monday, in response to a severe drop in the nation's currency value against the US dollar. Social media footage depicted hundreds of individuals rallying in central Tehran's Saadi Street as well as the Shush neighborhood near the prominent Grand Bazaar.

Eyewitness accounts, reported by The Associated Press, revealed that traders closed their stores and encouraged others to follow suit. Although security was heightened, with a significant police presence, there were no reported police actions against protesters. On Sunday, protests were concentrated in two primary markets with participants voicing anti-government slogans.

The Iranian rial fell to a record low of 1.42 million to the dollar on Sunday, before settling at 1.38 million on Monday. This rapid decline is exacerbating inflation and increasing prices on essential goods, deepening financial stresses on Iranian households.