Holly Dagres

Fire under ashes.

This is the voice of an Iranian graduate student currently living and studying in the U.S.

She asked that we refer to her as Kay.

Back in early December, during her university's holiday break, she and her husband went back to Iran to visit family.

They planned to stay a month.

This was her first time back in three years.

She says Iran kind of felt like a tinderbox when she got there.

We will not be sharing her name because she asked to remain anonymous in order to protect her family in Iran.

Over the last several years, Iran's economy has been struggling.

Sanctions from the U.S.

and its allies, mismanagement from the government, they've both played a major role in the downturn.

But things got way worse in late December of 2025, when the rial, Iran's currency, basically collapsed.

One U.S.

dollar became worth over one million rials.

This meant the buying power of Iranians was down by nearly half since 2022.

Gold is something married couples usually receive as a gift at their weddings in Iran.

It's like something you use one day to help your children or for your own retirement or to buy a house.

This kind of story is very common.

Many Iranians have had to resort to selling family heirlooms, working multiple jobs, and even selling their own organs just to pay for rent or food.

What were they saying?