Iranian Rial Sets New Anti-Record

Iranian rial reached a historic low, falling to 1.036 million rials per US dollar. This was reported by the financial agency TGJU.

At 11:50 local time (12:20 Baku time), the rial rate decreased by 50 thousand units compared to previous values. This is a continuation of the long-term weakening of the national currency amid sanctions pressure and inflation.

In December, the state agency Mehr reported that the Iranian currency would undergo significant changes. President Masoud Pezeshkian submitted a bill to parliament on financial reform, which proposes removing four zeros from the national currency – the rial – and replacing it with the "toman".

In November, the head of the Central Bank of Iran, Mohammad Farzin, stated that the Islamic Republic and the Russian Federation had completely eliminated the dollar from mutual settlements thanks to financial agreements concluded earlier between the two countries.