July 03, 2025
Iran’s Supreme Leader faces a number of challenges in the wake of the devastating 12-day war with Israel, and the perennial weakness of Iran’s economy is chief among them. Economic mismanagement, corruption, and strict Western sanctions have sapped output, weakened the currency and contributed to high inflation for years. But the recent spike in tensions with the US and Israel has accelerated the collapse of the Iranian rial, which has halved in value against the dollar since the end of last year. Here is a look at how the Iranian Rial has performed against the greenback since 2022.
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Magyar, leader of the opposition Tisza Party, speaks during a press conference a day after the parliamentary election, in which Hungarian Prime Minister Viktor Orban conceded defeat, Budapest, Hungary, April 13, 2026.
REUTERS/Marton Monus/File Photo
At first glance, Hungary’s Prime Minister-elect Péter Magyar may appear to be the antithesis of the man he defeated in the April 12 election, Viktor Orbán. Yet the pair might be closer than you think – both on policy and politics.
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