The Iranian rial fell to a record low of more than 2 million per US dollar on informal markets on Monday (Aug 24). The official central bank rate hovered near 1.5 million. The currency has been weakening over the past few days, trading around 1.86 million per dollar last week and losing more than 7 per cent in under seven days. One toman, the daily monetary unit of Iran, equals 10 rials, which means the dollar surpassed 200,000 tomans for the first time.<h2>Iranian currency is hit hard by sanctions, inflation and now the war</h2>The weakness in the Iranian currency results from damage caused by decades of international sanctions, double-digit inflation and negative economic growth. The situation has only worsened in the past couple of years, first with the Iran-Israel conflict, protests over economic woes, and now the ongoing war with the US and Israel since late February.Iranians are feeling the pinch, with food prices rising sharply. Inflation is expected to reach 70 per cent this year, while the economy is projected to contract by more than 5 per cent.Also read: <a href="https://www.wionews.com/photos/-us-vs-iran-why-has-iran-s-rial-lost-about-20-000-of-its-value-since-1979-1769421606760">Why has Iran’s rial lost about 20,000× of its value since 1979?</a><h2>Weak currency amid US warning of economic D-Day on Iran</h2>The Iranian rial fell even as the US is preparing for what US Treasury Secretary Scott Bessent called an “economic D-Day” for Iran. Writing in the Financial Times, Bessent said the objective is to “sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone”. He called it the single greatest financial offensive ever directed at an adversary.<a href="https://www.wionews.com/videos/iranian-rial-hits-historic-low-pezeshkian-admits-iran-faces-many-problems-1787547366029/embed">https://www.wionews.com/videos/iranian-rial-hits-historic-low-pezeshkian-admits-iran-faces-many-problems-1787547366029/embed</a><h2>The US is aiming for the greatest coordinated isolation in history</h2>The Trump administration is expected to announce economic measures against Iran later on Monday. US President Donald Trump has termed it a “crushing economic operation” intended to collapse the Iranain regime while minimising large-scale military action. Bessent called it “the greatest coordinated isolation in history” of a nation.The punitive actions could build on the already existing “maximum pressure” on Iran, which includes a US naval blockade and the rescinding of oil-related sanctions waivers.Additional secondary sanctions are expected, targeting countries and companies that continue to do business with Iran. Both oil purchases and money transfers to or from Iran could be hit too. Bessent asked US allies to choose sides, warning that those providing any lifeline to Iran would face economic consequences.Also read: <a href="https://www.wionews.com/world/frozen-billions-iran-s-money-and-peace-talks-explained-1776412578739">Frozen billions: Iran’s money and peace talks explained</a><h2>The two-month window to end the war has closed</h2>A 60-day window under a June memorandum of understanding between the US and Iran has expired, with both sides exchanging fire throughout those weeks. There was no agreement on the Iran nuclear issue or sanctions relief. The United Arab Emirates (UAE), a former key re-export hub, has recently suspended trade with Iran.

Iran’s rial fell past 2 million to the dollar as US President Donald Trump and Treasury Secretary Scott Bessent warned of a massive economic warfare on the Islamic Republic. The “economic D-Day” could include secondary sanctions. The crushing inflation and war are fomenting a crisis

The Iranian rial fell to a record low of more than 2 million per US dollar on informal markets on Monday (Aug 24). The official central bank rate hovered near 1.5 million. The currency has been weakening over the past few days, trading around 1.86 million per dollar last week and losing more than 7 per cent in under seven days. One toman, the daily monetary unit of Iran, equals 10 rials, which means the dollar surpassed 200,000 tomans for the first time. Iranian currency is hit hard by sanctions, inflation and now the war The weakness in the Iranian currency results from damage caused by decades of international sanctions, double-digit inflation and negative economic growth. The situation has only worsened in the past couple of years, first with the Iran-Israel conflict, protests over economic woes, and now the ongoing war with the US and Israel since late February. Iranians are feeling the pinch, with food prices rising sharply. Inflation is expected to reach 70 per cent this year, while the economy is projected to contract by more than 5 per cent. Also read: Why has Iran’s rial lost about 20,000× of its value since 1979? Weak currency amid US warning of economic D-Day on Iran The Iranian rial fell even as the US is preparing for what US Treasury Secretary Scott Bessent called an “economic D-Day” for Iran. Writing in the Financial Times, Bessent said the objective is to “sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone”. He called it the single greatest financial offensive ever directed at an adversary. https://www.wionews.com/videos/iranian-rial-hits-historic-low-pezeshkian-admits-iran-faces-many-problems-1787547366029/embed The US is aiming for the greatest coordinated isolation in history The Trump administration is expected to announce economic measures against Iran later on Monday. US President Donald Trump has termed it a “crushing economic operation” intended to collapse the Iranain regime while minimising large-scale military action. Bessent called it “the greatest coordinated isolation in history” of a nation. The punitive actions could build on the already existing “maximum pressure” on Iran, which includes a US naval blockade and the rescinding of oil-related sanctions waivers. Additional secondary sanctions are expected, targeting countries and companies that continue to do business with Iran. Both oil purchases and money transfers to or from Iran could be hit too. Bessent asked US allies to choose sides, warning that those providing any lifeline to Iran would face economic consequences. Also read: Frozen billions: Iran’s money and peace talks explained The two-month window to end the war has closed A 60-day window under a June memorandum of understanding between the US and Iran has expired, with both sides exchanging fire throughout those weeks. There was no agreement on the Iran nuclear issue or sanctions relief. The United Arab Emirates (UAE), a former key re-export hub, has recently suspended trade with Iran.

Iran’s rial fell past 2 million to the dollar as US President Donald Trump and Treasury Secretary Scott Bessent warned of a massive economic warfare on the Islamic Republic. The “economic D-Day” could include secondary sanctions. The crushing inflation and war are fomenting a crisis

2,000,000 rial to a dollar: Iranian currency is on record freefall amid US warning of economic ‘D-Day’

The United States has openly acknowledged its role in intensifying Iran’s currency crisis, with U.S. Treasury Secretary Scott Bessent admitting that Washington engineered a U.S. dollar shortage that contributed to the collapse of Iran’s currency and sparked widespread protests. Bessent described the move as part of a deliberate economic strategy during testimony before the U.S. Senate, saying sanctions and financial pressure led to runaway inflation and unrest.

Iran Currency Crisis: US Engineered Dollar Shortage, Confirms Scott Bessant

 Iran’s currency has lost roughly 20,000 times its value since 1979 due to US sanctions, political turmoil, and economic mismanagement. The rial fell from 70 per USD to over 1.4 million.

&nbsp;Iran’s currency has lost roughly 20,000 times its value since 1979 due to US sanctions, political turmoil, and economic mismanagement. The rial fell from 70 per USD to over 1.4 million.

Why has Iran’s rial lost about 20,000× of its value since 1979?

It has been a tough week for Iran. There were concerns expressed by the United States and other countries regarding Iran’s Uranium reserves and earlier this week, International Atomic Energy Agency (IAEA) passed a resolution that criticised Iran’s nuclear programme. Following the resolution, Iran’s national currency – the rial – has seen a massive fall as it reached a record low against the US dollar. This was the worst fall for the rial since Iran was hit by new United States sanctions in 2020. In response, the government and the central bank of the country has decided to pump cash into the market and according to Tasnim news website, they spoke with a group of foreign exchange traders.

Also read |&nbsp;<a href="https://www.wionews.com/world/new-problem-for-ukraine-specialist-gang-smuggling-ancient-artifacts-to-russia-487537" hreflang="en">New problem for Ukraine? Specialist gang smuggling ancient artifacts to Russia</a>

In a bid to bring down foreign currency rates, exporters have been instructed to offer their banknotes in the market, according to Al-Jazeera. The governor of Iran’s central bank - Ali Salehabadi – also said that they have cashed in $7.5bn worth of proceeds from sales of crude oil till May 21.

Iran has also not taken the UN resolution quite well and in response, they took down a number of cameras from nuclear plants all around the country. The cameras belong to the UN nuclear watchdog in order to keep an eye on Iran’s nuclear activities as part of the Iran Nuclear Deal.

Also read |&nbsp;<a href="https://www.wionews.com/world/iran-enriching-uranium-at-an-unprecedented-rate-dangerously-close-to-nukes-israeli-pm-bennett-487478" hreflang="en">Iran enriching uranium at unprecedented rate, dangerously close to nukes: Israeli PM Bennett</a>

According to IAEA director Rafael Grossi, as many as 27 cameras have been removed from the plants till now and it could be a “fatal blow” to the existing Iran Nuclear Deal.

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It has been a tough week for Iran. There were concerns expressed by the United States and other countries regarding Iran’s Uranium reserves and earlier this week, International Atomic Energy Agency (IAEA) passed a resolution that criticised Iran’s nuclear programme.

It has been a tough week for Iran. There were concerns expressed by the United States and other countries regarding Iran’s Uranium reserves and earlier this week, International Atomic Energy Agency (IAEA) passed a resolution that criticised Iran’s nuclear programme. Following the resolution, Iran’s national currency – the rial – has seen a massive fall as it reached a record low against the US dollar. This was the worst fall for the rial since Iran was hit by new United States sanctions in 2020. In response, the government and the central bank of the country has decided to pump cash into the market and according to Tasnim news website, they spoke with a group of foreign exchange traders. Also read | New problem for Ukraine? Specialist gang smuggling ancient artifacts to Russia In a bid to bring down foreign currency rates, exporters have been instructed to offer their banknotes in the market, according to Al-Jazeera. The governor of Iran’s central bank - Ali Salehabadi – also said that they have cashed in $7.5bn worth of proceeds from sales of crude oil till May 21. Iran has also not taken the UN resolution quite well and in response, they took down a number of cameras from nuclear plants all around the country. The cameras belong to the UN nuclear watchdog in order to keep an eye on Iran’s nuclear activities as part of the Iran Nuclear Deal. Also read | Iran enriching uranium at unprecedented rate, dangerously close to nukes: Israeli PM Bennett According to IAEA director Rafael Grossi, as many as 27 cameras have been removed from the plants till now and it could be a “fatal blow” to the existing Iran Nuclear Deal. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Iran currency drops to lowest value ever as troubles over nuclear deal continue

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2,000,000 rial to a dollar: Iranian currency is on record freefall amid US warning of economic ‘D-Day’

Iran Currency Crisis: US Engineered Dollar Shortage, Confirms Scott Bessant

Why has Iran’s rial lost about 20,000× of its value since 1979?

Iran currency drops to lowest value ever as troubles over nuclear deal continue