According to CoinMeta, the Iranian economy is facing increasingly severe pressures, with the rial exchange rate hitting a historic low and inflation rates approaching 90%. As of October 3, the trading price of the Iranian rial in the open market was around 2.688 million rials per US dollar, representing a depreciation of over half in the past year. The Central Bank of Iran has announced plans to sell up to $2 billion in foreign exchange through state-owned banks in order to stabilize the rial, but so far, this intervention has not been able to restore market confidence. Many Iranians have turned to foreign currencies and gold to protect the value of their savings. In September, Iran's peer-to-peer inflation rate soared to around 90%, while the overall annual inflation rate remains above 70%. Food, imported goods, and daily expenses have become extremely difficult for families. The latest economic data shows that Iran's gross domestic product contracted by 10.1% between March 21 and June 20.