Rial Hits Record Low Amid $2 Billion Central Bank Intervention

The Iranian currency crisis has reached new heights as the rial hit a record low of 2.688 million against the dollar, despite the Central Bank of Iran injecting up to $2 billion into the market.

This move was meant to calm nervous buyers and boost confidence in the economy, but it had the opposite effect. In just one day, the dollar gained around 2% against the rial, exacerbating the crisis.

The decline of the rial can be attributed to a combination of factors, including war and a naval blockade that has disrupted oil exports, fresh US sanctions, and runaway inflation, which is expected to reach nearly 69% in 2026. The IMF predicts the economy will shrink by 6.1%.

For ordinary Iranians, the crisis is becoming increasingly dire. With prices rising rapidly, holding onto rials feels like a losing proposition. Many are turning to dollars, gold, or other hard assets as a safe-haven, further depleting the currency's value.