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Iran’s currency drops to over two million rials per dollar, as US intensifies economic pressure
Iran’s currency has dropped to a record low of over two million (2,000,000) rials per US dollar. This was confirmed on Monday by websites tracking the free market rate.
As trading opened on informal currency markets, the rial dropped to 2.02 million to the US dollar. Though Iran’s official Central Bank rate stood at about 1.5 million rial to the dollar, the informal rate is what most Iranians transact by.
Since the US-Israel attack on Iran on February 28, the rial has been hitting new record lows, as nearly six months of war have taken a greater toll on the country’s economy and on a currency that was already under pressure with double-digit inflation and negative growth, even before the war commenced.
US Treasury boss Scott Bessent on Monday announced a fresh economic pressure on Tehran, threatening new sanctions on countries that refuse to cut ties with Iran, and warning that groups helping Tehran launder money would face expulsion from the US financial system.
