Iran imposes limits on US dollar purchases amid intensifying sanctions

Iran has introduced new regulations limiting the purchase of US dollars to manage dwindling foreign currency reserves and stabilize its financial system. Under the new guidelines, individuals are permitted to purchase a total of up to $10,000, with a daily cap of $1,000. For smaller transactions between $100 and $1,000, customers may use bank cards and national identification through designated systems.

These measures follow recent US Treasury Department sanctions targeting 16 individuals and 10 entities. The US administration stated these actions aim to disrupt Tehran’s international financial networks, shadow banking operations, and funding channels for military and regional proxy groups.

The economic pressure coincides with a significant devaluation of the Iranian rial, which rose to 262,000 per US dollar on October 22, compared to approximately 135,000 at the start of the year. US Treasury Secretary Scott Bessent indicated that the administration will continue targeting Iran’s financial lifelines to restrict the regime's ability to sustain its activities.