Iran’s currency fell to a record low against the US dollar on Monday as Treasury Secretary Scott Bessent prepared to unveil a new round of sanctions targeting Tehran.
The Iranian Rial was trading at 1.992 million per dollar on the unregulated market, according to Bloomberg News, which cited data from tracking website Bonbast. The currency was down 4.5 percent since President Donald Trump announced a “crushing economic operation” against Iran last week.&
Bessent is scheduled to speak at a press conference Monday afternoon, where he is expected to announce the Trump administration's new economic measures. Ahead of the announcement, Bessent wrote that the US was entering what he called the “endgame” against Iran.& “We are now entering the endgame. At dawn begins an economic D-Day — the single greatest financial offensive ever marshaled against an adversary.”&
In a separate article published Monday, Bessent wrote, “At dawn begins an economic D-Day — the single greatest financial offensive ever marshalled against an adversary. Our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone.”&
Trump said last week that his administration would launch a “CRUSHING” economic operation against Iran, describing the planned measures as “Economic Warfare and Isolation on an unprecedented scale.”&
The president also warned foreign governments and businesses against continuing to provide Tehran with economic support. Trump said countries whose “financial institutions, businesses, airports, or government entities” provide Iran with “any type of lifeline” could face economic consequences themselves. Iran's currency has faced mounting pressure as the US seeks to isolate Tehran, including through threats aimed at the country's remaining trading partners, a blockade of its main Persian Gulf ports and efforts to restrict oil exports.&
Iranian central bank governor Abdolnaser Hemmati said last week that the country's crude exports had “virtually stopped.” The United Arab Emirates, meanwhile, said it had suspended all financial transactions with Iran until further notice.&
Iran's Donya-e Eqtesad newspaper said disruptions to foreign-exchange transfers, declining exports, rising import demand and inflation expectations had contributed to the rial's latest decline.&
The currency had already been under pressure before the US and Israel attacked Iran on February 28, amid double-digit inflation and economic contraction. It has since repeatedly reached new lows during the nearly six months of war.
The Iranian Rial was trading at 1.992 million per dollar on the unregulated market, according to Bloomberg News, which cited data from tracking website Bonbast. The currency was down 4.5 percent since President Donald Trump announced a “crushing economic operation” against Iran last week.&
Bessent is scheduled to speak at a press conference Monday afternoon, where he is expected to announce the Trump administration's new economic measures. Ahead of the announcement, Bessent wrote that the US was entering what he called the “endgame” against Iran.& “We are now entering the endgame. At dawn begins an economic D-Day — the single greatest financial offensive ever marshaled against an adversary.”&
In a separate article published Monday, Bessent wrote, “At dawn begins an economic D-Day — the single greatest financial offensive ever marshalled against an adversary. Our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone.”&
Trump said last week that his administration would launch a “CRUSHING” economic operation against Iran, describing the planned measures as “Economic Warfare and Isolation on an unprecedented scale.”&
The president also warned foreign governments and businesses against continuing to provide Tehran with economic support. Trump said countries whose “financial institutions, businesses, airports, or government entities” provide Iran with “any type of lifeline” could face economic consequences themselves. Iran's currency has faced mounting pressure as the US seeks to isolate Tehran, including through threats aimed at the country's remaining trading partners, a blockade of its main Persian Gulf ports and efforts to restrict oil exports.&
Iranian central bank governor Abdolnaser Hemmati said last week that the country's crude exports had “virtually stopped.” The United Arab Emirates, meanwhile, said it had suspended all financial transactions with Iran until further notice.&
Iran's Donya-e Eqtesad newspaper said disruptions to foreign-exchange transfers, declining exports, rising import demand and inflation expectations had contributed to the rial's latest decline.&
The currency had already been under pressure before the US and Israel attacked Iran on February 28, amid double-digit inflation and economic contraction. It has since repeatedly reached new lows during the nearly six months of war.
