Iranian rial hits a new all-time low

Iran's national currency, the rial, has weakened to an all-time low against the dollar amid economic pressure from Washington.

This was reported by Bloomberg, citing data from the unregulated market.

According to the Bonbast website, which tracks exchange rates at currency dealers on Iran's black market, the rial fell 4.6% on August 23. Another unofficial monitoring resource, TGJU, reported that on August 30 the rial's rate exceeded the mark of 2 million per dollar, but by the close of trading it had declined.

Since the beginning of the Iranian calendar year in March, the national currency has lost about 63% of its value against the dollar. At that time, the American currency was trading at approximately 1.35 million rials.

The rial's decline accelerated amid the conflict and increased economic pressure on Tehran. The situation was complicated, in particular, by restrictions on Iran's access to the regional banking system and trade channels, as well as by problems with export deliveries, which led to a reduction in the inflow of foreign currency into the country.

The head of the Central Bank of the Islamic Republic, Abdolnasser Hemmati, stated that the regulator is ready to channel $2 billion into the currency market to stabilize the situation.

"The dust raised in the currency market will settle, and the recent rise in exchange rates is driven more by psychological factors than by real economic ones," he said.

At the same time, Hemmati acknowledged that high inflation and rising prices are placing serious pressure on the population. According to him, since March the Central Bank has provided more than $18 billion in currency for the import of essential goods, medicines, animal feed, and raw materials.