Iran’s currency fell to a record low on Wednesday, with the US dollar trading above 220,000 tomans, equivalent to 2.2 million rials, on the free market, from just over 210,000 tomans two days earlier.
Market data showed the dollar at about 220,300 tomans, the euro near 255,000, and the British pound around 297,000. The Imami gold coin, a widely followed domestic store of value, rose to about 226 million tomans.
US Treasury Secretary Scott Bessent unveiled “Operation Economic Outcast” on August 24, targeting nearly 60 Iran-linked individuals, entities, and vessels and widening potential secondary sanctions across sectors including digital assets, technology, gold, aviation, and shipping.
Renewed US-Iran military exchanges and a US blockade have since added pressure on Iran’s economy and crude exports. Iranian loadings fell to about 220,000 to 255,000 barrels per day in August from roughly 2 million bpd in March, according to industry data cited by Reuters.
Central Bank Governor Abdolnaser Hemmati said on September 1 that Iran had sufficient foreign-currency reserves and was prepared to inject up to $2 billion into the market to curb volatility.
