Iranian rial hits record low as US dollar exceeds 2.1 million

Iranian rial collapse US economic sanctions Tehran free market inflation crisis naval blockade

The Iranian rial has reached a historic low, with the US dollar surpassing 2.1 million rials on Tehran's free market. This collapse follows a period of intense economic pressure, including a US naval blockade on Iranian ports and the US Treasury cutting off the country's access to regional banks. The rial has lost approximately 60% of its value against the dollar since March.

Inflation in Iran remains critical, with reports indicating year-on-year point-to-point inflation between 84% and 89%. The gap between the official exchange rate and the free market rate has widened significantly, with the latter now more than double the official rate. In response to the volatility, Abdolnaser Hemmati, governor of the Central Bank of Iran, stated the bank is prepared to inject $2 billion into the foreign exchange market to stabilize the currency.

Geopolitical tensions, including military conflicts involving the US and Israel, have exacerbated the economic crisis. The European Union has formally joined US-led efforts to isolate Iran financially. Meanwhile, the economic instability is impacting various sectors, from the rising cost of gold to increased difficulties for religious minorities and general household purchasing power.

Entities

Abdolnaser Hemmati · Central Bank of Iran · European Union · Iran · Tehran · US Treasury · United States · United States Treasury

Claims

What the coverage asserts, and how many sources carry each claim.

[● 2 SOURCES] The rial's slide has accelerated since the US reimposed a naval blockade on Iranian ports in July www.euronews.com · adevarul.ro
[● 2 SOURCES] the free market rate now more than double the official rate www.euronews.com · adevarul.ro
[● 2 SOURCES] the rial lost around 60% of its value against the dollar since the start of the Iranian calendar year in March www.euronews.com · adevarul.ro
[● 2 SOURCES] The euro hit an unprecedented 2.55 million rials www.euronews.com · adevarul.ro
[○ 1 SOURCE] year-on-year point-to-point inflation reached 89 percent irannewsupdate.com
[○ 1 SOURCE] The US Treasury has cut off Iran's access to regional banks www.euronews.com
[● 2 SOURCES] Abdolnaser Hemmati, governor of the Central Bank of Iran, said the bank was ready to inject $2 billion into the foreign exchange market enghelabe-eslami.de · www.euronews.com
[DISPUTED] The US dollar broke above 2.1 million Iranian rials on Tehran's free market on Wednesday www.euronews.com · adevarul.ro
[● 2 SOURCES] The UK pound reached 2,976,000 rials www.euronews.com · adevarul.ro