Iranian Dollar Exchange Rate Approaches 2 Million Rials, Inflation Pressure Intensifies

In the Iranian free market, the dollar exchange rate is nearing 2 million rials, leading to a depreciation of the rial and increased cost of living pressures. Currently, the selling price for the dollar is 1,979,500 rials, while the buying price is 1,959,500 rials. According to Iran International, some price lists have shown 1 dollar at 197,000 tomans. The free market exchange rate differs from the government-set rate, and unofficial over-the-counter trading results in varying figures. The dollar started at 1,865,000 rials at the beginning of last week and has risen by more than 6% within a week, more than doubling compared to the same period last year. The depreciation of the rial is attributed to rising prices and worsening foreign currency supply, with Iran's annual inflation rate reaching 66% in July. Consumer prices have increased by 87.9% compared to a year ago, with food prices rising by 128%. Iranian households are pressured to move from rials to dollars, gold, and real assets. Political and security uncertainties are also affecting the exchange rate, with U.S. sanctions against Iran, energy shortages, and trade disruptions increasing demand for foreign currency. The Iranian parliament has passed a monetary reform plan to remove four zeros from the rial by October 2025, but this does not directly address inflation and foreign currency shortages. The current depreciation of the rial highlights Iran's high inflation and foreign currency scarcity.

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