Iran’s national currency has hit a record low against the US dollar, trading at around 1.8 million rials against the dollar, according to Iranian media.
Over the last two days, the price of one dollar has increased by more than 23,000 tomans, the Iranian Students’ News Agency (ISNA) reported, referring to the widely used currency unit in Iran, which is worth 10 Iranian rials.
The devaluation comes amid a shaky ceasefire with the United States and Israel, and as the US maintains a naval blockade on Iranian ports, restricting movement of oil.
Iran’s economy was in a dire state before the conflict. National income per person had fallen from about $8,000 in 2012 to $5,000 in 2024, ravaged by inflation, corruption and sanctions.
The outlook is even worse. Up to 4.1 million more people could fall into poverty due to the conflict, according to the United Nations Development Programme (UNDP).
