The Iranian rial hit a record low against the US dollar on the unofficial market last Monday. The dollar was being offered for as much as 128,000 rials.

A weak economy, the USs withdrawal from the Iran deal and the reimposition of sanctions by the United States has tanked the currency.

The currency has been volatile for months because of a weak economy, financial difficulties at local banks and heavy demand for dollars among Iranians who fear Washington’s pull-out from a landmark 2015 nuclear deal and renewed US sanctions could shrink Irans exports of oil and other goods.

A set of US sanctions targeting Irans oil industry is due to take effect in November.

Last week, Irans parliament sacked the minister of Economic Affairs and Finance, the latest in a continuing shake-up of top economic officials. In early August, Iranian lawmakers voted out the minister of Labor and in July President Hassan Rouhani replaced the head of the Central Bank.

According to Business Insider, protests linked to the economic situation in Iran erupted last December, spreading to more than 80 cities and towns and resulting in 25 deaths. Sporadic protests, led by truck drivers, farmers and merchants in Tehrans bazaar, have continued since then and have occasionally resulted in violent confrontations with security forces.

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