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Iranian currency collapses, nationwide protests erupt in response

Growing popular unrest in Iran as regime weighs attack against Israel

Protest against Iran in front of Munich Security Conference. Demonstrators have gathered to criticize the European Union (EU) for its behavior towards the Mullah regime in Tehran. Munich on Feb. 16, 2024 (Photo: REUTERS).

The Iranian currency underwent another sudden collapse on Sunday, firing up popular discontent as the regime continues to deliberate on its response to the alleged Israeli killing of seven of its senior military officials in Damascus last week.

The Iranian Rial fell to one U.S. dollar being worth more than 660,000 Iranian Rials in some unofficial markets, the Jerusalem Post reported.

Despite the regime’s official statistics not reflecting the devaluation, the currency lost about 30% of its worth overnight, according to the report.

An Iranian resident uploaded a video to social media showing that while a banknote of 50,000 Rial ($1.2) would buy 30 eggs ten years ago, today it was only enough to buy a single egg.

On Sunday, soccer fans let out their discontent with the Iranian regime by booing and jeering during a minute of silence dedicated to the seven officers of the Islamic Revolutionary Guard Corps (IRGC) who died last week, according to footage shared on social media.

Fans of the Esteghlal Tehran soccer club already defied the regime last October by jeering when authorities held a minute of silence for the "memory of the Palestinian victims in Gaza," Ynet News reported.

Over the past few days, several demonstrations across Iran have rallied against the deteriorating economic situation in the country, with a broad spectrum of participants, including farmers, pensioners, truck drivers, and medical personnel.

Research showed that emigration among young Iranian professionals jumped by 140% last year, Iran International reported. According to a recent telephone poll by U.S.-based Statis Consulting, nearly half of Iran’s youth hope to leave the country.

Meanwhile, Iranian state outlets continued to broadcast threatening messages to Israel, including infographics of the Iranian army’s different missiles with ranges capable of reaching Israel, threats against Israel by officials, and a video showing a rocket barrage directed against Israel, according to the Jerusalem Post.

Iranian Foreign Minister Hossein Amirabdollahian continued his Middle East tour with a visit to Damascus, Syria on Monday, after first visiting Oman. Among the goals of his tour is the shoring up of support for a possible retaliation against Israel, according to Iran International.

Amirabdollahian said he discussed, "the latest regional developments, including the continuation of the Zionists’ hybrid war crimes against Palestinians and the necessity of making preventive decisions.”

Iran's foreign minister will also hold talks with senior Syrian officials regarding several bilateral and regional issues, including the latest developments in Israel and the Gaza crisis, according to the Iranian state outlet Tasnim.

The All Israel News Staff is a team of journalists in Israel.

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