Home · World · Oct 3 archive
Iranian Rial Hits Record Low as Central Bank Sells Dollars
Confirmed
In Short: The Iranian rial hit a new record low, with the central bank selling dollars to support the currency.
The Iranian rial hit a new record low on Monday, trading at around 1,390,000 rials to the US dollar, according to Türkiye Today. Reuters also reported that the rial had reached a new low, with the central bank selling dollars to support the currency.
State television in Iran reported that state banks began selling up to $2 billion to support the rial, which has lost more than half of its value in the past year. The Times of Israel noted that the rial was sold at around 2.688 million rials per dollar, up from 2.632 million on Friday.
Mehdi Darabi, an aide to the central bank’s governor on foreign exchange affairs, blamed the decline of the rial partly on what he said were false predictions by US officials of the collapse of the Iranian economy. Darabi told state TV that the current fall of the rial was temporary.
The US Treasury Department’s Operation Economic Outcast campaign, launched on Aug. 24, has intensified pressure on Iran. Treasury Secretary Scott Bessent announced that Iran loaded zero crude oil onto tankers in September, cutting off the regime’s most critical source of revenue.
Under Secretary for International Affairs Erin Browne said, “The Iranians know that the U.S. is winning in terms of our economic isolation and Economic Outcast against Iran. And we've seen the rial fall to its lowest levels.” She added that the campaign also expands secondary sanctions exposure for those who continue doing business with Iran.
Iran’s central bank chief, Mohammad Reza Farzin, has resigned, according to Nournews, a semi-official Iranian news agency. The former Economy Minister Abdolnaser Hemmati will be appointed as the new central bank chief.
Many Iranians seeking safe havens for their savings have been buying dollars, other hard currencies, or gold. The rial’s decline has been exacerbated by Western sanctions and a naval blockade, leading to persistently high inflation.
The rial’s decline is part of a broader economic crisis in Iran. The central bank’s efforts to stabilize the currency have not been sufficient, and the resignation of Farzin signals a shift in leadership amid economic challenges.
In an interview published Saturday, Pezeshkian accused the United States, Israel, and European countries of waging what he described as a “total war” against Iran.
The decline of the rial and the resignation of the central bank chief highlight the ongoing economic pressure on Iran from Western sanctions and the broader geopolitical tensions in the region.
The accounts agree that the Iranian rial has hit a new record low, with the central bank selling dollars to support the currency. The resignations and sanctions indicate the severity of the economic challenges facing Iran.
What this adds
The resignation of the central bank chief and the appointment of a new one signal a shift in leadership amid economic challenges.
The decline of the rial is exacerbated by Western sanctions and a naval blockade, leading to persistently high inflation.
The accounts agree that the Iranian rial has hit a new record low, with the central bank selling dollars to support the currency.
What's confirmed
- The Iranian rial hit a new record low on Monday, trading at around 1,390,000 rials to the US dollar, according to Türkiye Today. Reuters also reported that the rial had reached a new low, with the central bank selling dollars to support the currency.
- State television in Iran reported that state banks began selling up to $2 billion to support the rial, which has lost more than half of its value in the past year. The Times of Israel noted that the rial was sold at around 2.688 million rials per dollar, up from 2.632 million on Friday.
- Mehdi Darabi, an aide to the central bank’s governor on foreign exchange affairs, blamed the decline of the rial partly on what he said were false predictions by US officials of the collapse of the Iranian economy. Darabi told state TV that the current fall of the rial was temporary.
- The US Treasury Department’s Operation Economic Outcast campaign, launched on Aug. 24, has intensified pressure on Iran. Treasury Secretary Scott Bessent announced that Iran loaded zero crude oil onto tankers in September, cutting off the regime’s most critical source of revenue.
- Under Secretary for International Affairs Erin Browne said, “The Iranians know that the U.S. is winning in terms of our economic isolation and Economic Outcast against Iran. And we've seen the rial fall to its lowest levels.” She added that the campaign also expands secondary sanctions exposure for those who continue doing business with Iran.
- Iran’s central bank chief, Mohammad Reza Farzin, has resigned, according to Nournews, a semi-official Iranian news agency. The former Economy Minister Abdolnaser Hemmati will be appointed as the new central bank chief.
- Many Iranians seeking safe havens for their savings have been buying dollars, other hard currencies, or gold. The rial’s decline has been exacerbated by Western sanctions and a naval blockade, leading to persistently high inflation.
- The rial’s decline is part of a broader economic crisis in Iran. The central bank’s efforts to stabilize the currency have not been sufficient, and the resignation of Farzin signals a shift in leadership amid economic challenges.
- In an interview published Saturday, Pezeshkian accused the United States, Israel, and European countries of waging what he described as a “total war” against Iran.
- The decline of the rial and the resignation of the central bank chief highlight the ongoing economic pressure on Iran from Western sanctions and the broader geopolitical tensions in the region.
- The accounts agree that the Iranian rial has hit a new record low, with the central bank selling dollars to support the currency. The resignations and sanctions indicate the severity of the economic challenges facing Iran.
What's still developing
- It marked a further drop from a record low set last week at 2.5 million rials to the dollar.
- The toman is an informal unit equivalent to 10 Iranian rials.
- Iranian missiles are displayed next to a banner with a picture of Iran's Supreme Leader, Mojtaba Khamenei, on a street in Tehran, Iran, on Sept. 27, 2026. (Majid Asgaripour/WANA/Reuters / Reuters) When the Treasury Department launched Operation Economic Outcast against Iran on Aug. 24, Treasury Secretary Scott Bessent, in a news release, described it as an "economic onslaught against Iran’s financial connections around the globe."
- The regulator cited concerns that the bank’s continued operations could pose risks to depositors and financial stability, triggering action under the relevant provision of Türkiye’s Banking Law.
- Bank Mellat is one of Iran’s major financial institutions, with about 47.9 quadrillion Iranian rials ($34.8 billion) in total assets as of March 2026, according to Iranian financial-data provider Shakhesban.