The Iranian rial has lost half its value since December, despite attempts by the regime to prop it up.

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On October 1st alone, the value of the Iranian rial declined by some 17 percent, collapsing to 34, 700 to one American dollar. (It has since reportedly fallen still further).

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Several major foreign airlines announced that they were discontinuing service into Tehran due to the volatility of the Iranian rial and shipping giant Maersk halted all port calls to Iran.

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And the value of the Iranian currency, the rial, has lost at least half of its value against the U.S. dollar from a year ago.

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Earlier this month saw a massive, and potentially ruinous, devaluation of the Iranian national currency, the rial.

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The weakness of the rial has harmed the wider Iranian economy, as it means the country cannot afford to import as many foreign goods and raw materials which are priced in hard currency.

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