Iran’s rial has broken through the 2 million mark per dollar for the first time in the free market. Between July 17 and August 24, the exchange rate shifted from roughly 1.918 million to above 2 million rials per dollar, representing a 5% decline in just five weeks. Year-on-year inflation has climbed past 40%, with food prices rising especially sharply. US sanctions remain the primary driver of this depreciation by limiting Iran’s oil exports and restricting its access to the global financial system. The Iranian currency has never recovered from the depreciation wave triggered by the reimposition of sanctions in 2018.
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