&imwidth=800&imheight=600&format=webp&quality=medium "2,000,000 rial to a dollar: Iranian currency is on record freefall amid US warning of economic ‘D-Day’")
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.
Weak currency amid US warning of economic D-Day on Iran
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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.
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.
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.
