Fears Rise as Iran Currency Hits New Low

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Iran’s rial fell to a record low Wednesday as worried residents of Tehran lined up outside beleaguered moneychangers, part of a staggering 140-percent drop in the currency’s value since America pulled out of the nuclear deal four months ago.

Those who went to work at the start of the Iranian week Saturday saw their money shed a quarter of its value by the time they left the office Wednesday. Signs of the currency chaos can be seen everywhere in Tehran, where travel agents offer vacation prices only in hard currency and diapers have disappeared from store shelves, something acknowledged by the supreme leader.

Many exchange shops in downtown Tehran simply turned off their electronic signs showing the current rate for the U.S. dollar, while some Iranians who wanted hard currency sought out informal money traders on street corners. Exchange shops that remained open offered 150,000 rials to the U.S. dollar.

“Everyone’s just nervous,” said Mostafa Shahriar, 40, who was seeking dollars.

There was no immediate acknowledgement of the drop on state media.