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The dollar’s selling rate on Iran’s free market reached the highest level in the country’s history, hitting the threshold of 200,000 tomans as inflation continues to deepen pressure on households.
According to data from pashizi.com, which monitors Iran’s free foreign exchange market, the dollar’s selling rate reached 200,000 tomans.
The move pushed the toman to its lowest level in history against the dollar on the free market.
The sharp depreciation of the national currency came as annual inflation in Iran, which is struggling under heavy U.S. sanctions, rose to 61.4%.
According to official data, food prices in the country increased by 128.1% year-on-year.
Iranian President Masoud Pezeshkian acknowledged Sunday that citizens face “many problems” after the United States launched a new wave of sanctions aimed at further isolating Iran’s economy.
“I understand we have many problems in society right now. We are trying to prevent these as much as we can,” Pezeshkian said in a speech broadcast on state television.
His comments came after the United States vowed last week to bring about the “collapse” of the Iranian regime through a newly announced sanctions campaign, nearly six months after the start of the war between the two countries.
Pezeshkian said that, because of U.S. President Donald Trump, Iran was now in “a full-scale economic, military and security war.”
“He says he is imposing the most crushing and terrifying sanctions on Iran,” Pezeshkian said.
The Iranian government has faced several waves of mass protests in recent years, often triggered by economic hardship, including inflation, exchange rate swings and declining purchasing power.
At the end of December last year, a protest movement initially sparked by the rising cost of living turned into mass demonstrations denouncing those in power.
Authorities reported more than 3,000 deaths during the unrest, accusing the United States and Israel of orchestrating the violence.
Foreign-based nongovernmental organizations, however, said officials launched an indiscriminate crackdown that left thousands dead.
“We are striving with all our hearts to overcome inflation, livelihood problems, unemployment, and to secure the future of the people, so that they can live with dignity and pride,” Pezeshkian said Sunday.
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