Iranian Rial Surpasses 2.2 Million per Dollar

The Iranian rial has surpassed 2.2 million rials per dollar in the unofficial market, marking an all-time low. A sharp decline in oil exports and the expansion of U.S. sanctions have led to currency instability. On September 2, the free market exchange rate for the Iranian rial was reported to exceed 2.2 million rials. The official exchange rate set by the Central Bank of Iran is approximately 1.5 million rials. The exchange rate in the unofficial market shows a significant difference from the Central Bank's official rate, reported to be between 2.2 million and 2.25 million rials. Iran's oil exports have seen no significant shipments through the Strait of Hormuz for over seven weeks, with August's oil loading estimated at 220,000 to 255,000 barrels per day. The decline in oil exports reduces foreign currency supply, weakening the ability to defend the exchange rate. U.S. sanctions have also expanded into the digital asset sector, with the U.S. Treasury aiming to cut off Iran's financial networks. As sanctions related to digital asset exchanges tighten, Iran's cryptocurrency ecosystem is expected to be affected as well. By 2025, the size of Iran's cryptocurrency ecosystem is projected to exceed $7.78 billion. The cryptocurrency market reacts immediately to Iran's exchange rate issues, with Solana and Tron each dropping by over 3%, while Bitcoin fell by about 1%.

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