Treasury Department says Iran’s economy cratering, inflation at 90 percent

The U.S. Treasury Department reported that Iran's economy is contracting sharply, with inflation reaching approximately 90 percent amid international sanctions and economic blockades. The Iranian currency has depreciated significantly while oil exports have declined substantially, creating widespread economic hardship. Banks have redirected billions into working capital as business investment and expansion stall, while citizens face rising costs for electricity and basic goods including clothing and footwear.