Iran's government sells gold coin certificates to raise cash and battle inflation

Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.

(Kitco News) - The Iranian government is taking extreme measures by selling coin certificates on its stock exchange to deal with its growing currency and inflation crisis.

The Iranian rial has been freefalling, trading at record lows against the U.S. dollar. Last week, the U.S. dollar rose above the 450,000-rial mark.

The economy is facing significant headwinds as the country has become increasingly isolated internationally. Western nations are looking to sanction the government for the way it has tried to stamp out national protests after a 22-year-old Kurdish-Iranian woman, Mahsa Amini, died in police custody on Sept. 16.