🔶 Rial falls to a new record; the dollar passes 220,000 tomans

The value of Iran’s rial on Wednesday, September 2 (11 Shahrivar) reached its lowest historical level, with the price of one U.S. dollar in the open market passing 220,000 tomans.

Over the past week, the rial has lost about 10% of its value and, over the past year, nearly half of its value. This decline has continued alongside the intensification of U.S. sanctions and the military attacks by the United States and Israel that began in February.

Fars News Agency has reported that the dollar was priced at around 214,000 tomans on Wednesday morning, but later in the day it moved above 220,000 tomans. The agency has cited increased tensions between Iran and the United States and inflationary expectations as factors behind the rise in the exchange rate.

Abdolnaser Hemmati, the head of the Central Bank of Iran, had previously said: “Our revenue from selling oil has become zero.” In contrast, the Ministry of Oil says that the inflow of oil currency in the first four months of this year reached 7.5 billion dollars, which is 1.5 times higher than in the same period of the previous year.

At the same time as the rial’s fall, the price of the euro also reached a record 255,000 tomans and the British pound rose to about 297,600 tomans.