Explanation of the Rial Situation
Abdolnaser Hemmati, governor of Iran’s Central Bank, said on Monday that the depreciation of the rial, driven by U.S. economic pressure, is temporary. The rial traded at over 2 million rials per U.S. dollar on the black market that day. He noted that this decline, which has lost nearly 10 % of its value over the past two weeks, is temporary and caused by American political propaganda.
Impact of Sanctions and U.S. Policy
Hemmati specifically blamed "American political propaganda" for the economic pain in Iran, stating that the situation will improve and problems will be resolved. This statement came as U.S. Treasury Secretary Scott Bessent prepared to announce a new wave of economic pressure on Iran. Bessent described the upcoming campaign as the largest coordinated economic isolation effort in world history.
Official and Unofficial Exchange Rates
Iran has several fixed exchange rates, but unofficial rates tracked by online sources are commonly used as benchmarks. Before the war, the rial traded at about 1.7 million rials to the dollar; by late April, just two months into the war, it had hit a record low of 1.8 million rials. The black-market rate now exceeds 2 million rials.
