Iran rial hits record low of 2 million per dollar amid economic crisis

Iranian rial currency collapse US sanctions hyperinflation economic crisis

The Iranian rial has reached a historic low, surpassing 2 million rials to the US dollar on the free market. This currency collapse is driven by a combination of intense US sanctions, regional conflict, and domestic economic instability.

As the currency loses value, the cost of living has surged. Essential goods have seen dramatic price hikes: insulin has increased by 642%, paracetamol by 93%, and baby formula by 95%. Basic food staples have also become significantly more expensive, with tomato prices up 71%, chicken up 74%, and cooking oil rising by 177%.

In response to the crisis, President Masoud Pezeshkian held emergency meetings with the Central Bank to coordinate price stabilization efforts. Meanwhile, Finance Minister Ali Mantanizadech has announced a two-year strategic plan to mitigate the impact of ongoing sanctions. The economic situation remains critical, with annual inflation reported at 66% in July.

Entities

Ahmad Meibodi · Ali Mantanizadech · Association of Healthcare Professionals for Human Rights-Austria · Central Bank of Iran · Hamidreza Haji-Babaei · Iran · Masoud Pezeshkian · Mohammad Saeedi · Tasnim News Agency · United States

Claims

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

[○ 1 SOURCE] Parliamentarian Ahmad Meibodi criticized the government's fuel policy as unscientific and irrational. irannewsupdate.com
[○ 1 SOURCE] Parliamentarian Mohammad Saeedi warned of an ‘explosion of high prices’ and inflation. irannewsupdate.com
[○ 1 SOURCE] Officials attributed rising utility bills to households exceeding official consumption thresholds. iranfocus.com
[○ 1 SOURCE] Water and electricity bills for some households increased by as much as 300% or more in mid-2026. iranfocus.com
[○ 1 SOURCE] An Iranian pharmaceutical company increased prices for 82 products, with some medicines rising by over 500%. globalnation.inquirer.net
[● 2 SOURCES] Average prices for tomatoes, chicken, and cooking oil have increased by 71%, 74%, and 177% respectively. www.winnmediaskn.com · list25.com
[○ 1 SOURCE] The United States imposed sanctions on 60 individuals, entities, and vessels. www.thepressroom.gr
[● 2 SOURCES] The price of insulin has increased by 642 percent. www.winnmediaskn.com · list25.com
[○ 1 SOURCE] The US dollar was selling for approximately 203,000 tomans. list25.com
[○ 1 SOURCE] President Masoud Pezeshkian held a three-hour meeting with the Central Bank to coordinate price stabilization. www.thepressroom.gr
[○ 1 SOURCE] Finance Minister Ali Mantanizadech announced a two-year plan to address the impact of sanctions. www.thepressroom.gr
[● 3 SOURCES] The Iranian rial has fallen to a new all-time low, dropping past 2 million rials to $1 on the free market. www.winnmediaskn.com · list25.com · www.thepressroom.gr