Iran's rial hits record low as central bank chief says oil exports stopped
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Iran's rial fell to a record low of 2.02 million per U.S. dollar on the free market, according to Bonbast.com data. Central Bank Governor Abdolnaser Hemmati said oil exports have completely stopped and oil sales revenue has fallen to zero. The currency collapse comes as U.S. Treasury Secretary Scott Bessent threatened Tehran with an 'economic D-Day'.
Key Facts
- Iran's rial traded at 2.02 million per U.S. dollar on the free market on August 24, 2026, its lowest level ever, according to Bonbast.com.
- Central Bank Governor Abdolnaser Hemmati said Iran's oil exports have completely stopped and oil sales revenue has fallen to zero.
- The IMF's July report projects Iran's economy to contract by 5.4% in 2026 with inflation reaching 70%.
- U.S. Treasury Secretary Scott Bessent wrote in the Financial Times that Washington plans 'the largest financial assault ever mounted against an adversary' against Iran.
- Hemmati said the central bank will provide foreign currency for imports of essential goods and medicines despite the economic pressure.
Currency Collapse
The Iranian rial fell to 2.02 million per U.S. dollar on the free market, its lowest level in history, according to Bonbast.com data. The rial was trading at about 1.53 million per dollar in early March, immediately after the war began on February 28. The currency has lost about 32% of its value against the dollar since the start of the war.
Oil Export Halt
Central Bank Governor Abdolnaser Hemmati told state television that Iran's oil exports have completely stopped. Hemmati said oil sales revenue has fallen to zero, and the country is going through a period in which it cannot export oil. The Iranian economy has been under heavy pressure since the war began on February 28 due to existing sanctions and declining exports.
U.S. Pressure
U.S. Treasury Secretary Scott Bessent wrote in the Financial Times that Washington is entering the 'final stage' of its conflict with Iran and threatened an 'economic D-Day'. Bessent said the U.S. plans 'the largest financial assault ever mounted against an adversary' against Iran. President Donald Trump said last week that countries helping Iran would face economic sanctions, without naming any country. Hemmati responded to the U.S. threats by saying, 'They have done everything they could so far. The recent statements do not create a new restriction or pressure that will lead us to collapse.'
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Iran's rial hits record low as central bank chief says oil exports stopped
