Iran’s currency sank to a fresh historic low on Wednesday as the US dollar climbed above 220,000 tomans on the free market, equivalent to 2.2 million rials.
Market data put the dollar at around 220,300 tomans, up from just over 210,000 tomans two days earlier. The euro traded near 255,000 tomans and the British pound around 297,000. The widely tracked Imami gold coin rose to about 226 million tomans.
The sharp slide follows intensified US pressure. On August 24, US Treasury Secretary Scott Bessent announced “Operation Economic Outcast,” targeting nearly 60 Iran-linked individuals, entities and vessels, and expanding potential secondary sanctions to sectors including digital assets, technology, gold, aviation and shipping.
Renewed US-Iran military exchanges and a US blockade have further strained Iran’s economy and crude exports. Iranian oil loadings dropped to between 220,000 and 255,000 barrels per day in August, down from roughly 2 million barrels per day in March, according to industry figures cited by Reuters.
Central Bank Governor Abdolnaser Hemmati said on September 1 that Iran held adequate foreign-currency reserves and stood ready to inject up to $2 billion into the market to stabilise the currency.
One Iranian toman equals 10 rials.
