Iranian rial hits new low as central bank sells $2 billion to support currency

October 3, 2026 at 10:56 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Iran's rial fell to a new low on Saturday, with the US dollar trading at around 2.688 million rials on the free market. The central bank announced an injection of up to $2 billion to support the currency. The decline comes as the economy faces US sanctions and a naval blockade.

Key Facts

The US dollar traded at around 2.688 million rials on Saturday, up from 2.632 million on Friday, according to bon-bast.com.
State banks began selling up to $2 billion to support the rial, state television reported.
Iran's inflation rate exceeds 70%, and the rial has lost more than half its value in the past year.
Mehdi Darabi, an aide to the central bank governor, called the rial's fall temporary and blamed false US predictions of economic collapse.

Currency Decline

The rial continued its slide on Saturday, with the dollar selling at about 2.688 million rials on the free market, up from 2.632 million on Friday, according to bon-bast.com. Another tracking site, alanchand.com, reported 2.695 million rials per dollar. The currency has lost more than half of its value over the past year. Many Iranians have been buying dollars, other hard currencies, or gold as safe havens for their savings.

Central Bank Response

State television said state banks began selling up to $2 billion to support the currency. Mehdi Darabi, an aide to the central bank's governor on foreign exchange affairs, blamed the decline partly on what he called false predictions by US officials of the collapse of the Iranian economy. "It is suggested that the Iranian economy is about to crash... The enemy is using this to affect the exchange rate of our currency," Darabi told state TV. He added that the current fall of the rial was temporary.

Economic Pressure

With an inflation rate of more than 70%, ordinary citizens are struggling to afford basic necessities or rent. A US blockade is cutting the state's financial lifeline — oil exports. The economy faces US sanctions and a naval blockade.