Iran’s economy is deteriorating sharply due to US sanctions and the blockade of the Strait of Hormuz. Inflation has soared to around 73.5%, and the minimum wage remains below $92, while the Iranian Rial has plummeted to approximately 1.9 million rials per dollar. The US claims the blockade is costing Iran up to $500 million per day, warning that the country’s currency is ‘in total and complete freefall’.