Economy
Iranian Rial Plummets to Historic Low Ahead of Anticipated US Sanctions
Egypt IndependentAugust 24, 2026 at 12:34 PM0 views
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This story, titled "Iranian currency drops to record low as US plans to tighten sanctions" First published on Egypt Independent and was retrieved from its original source on August 24, 2026.
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A currency dealer holds Iranian Rial in the Grand Bazaar in Tehran, Iran, on August 17.
Iran’s currency, the rial, has dropped to a record low of more than two million to the US dollar on the open market, according to websites that track the currency’s movement. The free market rate is different from the official rate, which values the rial 29 percent higher against the US dollar.
The decline in the rial comes as the US Treasury plans a new raft of sanctions against Iran, and amid a worsening economic crisis in Iran. The International Monetary Fund expects the Iranian economy to contract by more than five percent this year, while inflation for food exceeds 100 percent and unemployment rises.
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