Dollar Surges as US Prepares Unprecedented Sanctions

The US dollar surged to nearly 203,000 tomans in Iran's open market on Monday, August 24, following a warning from US Treasury Secretary Scott Bessent that new economic sanctions against Iran would begin.

The price of the Emami gold coin reached 222 million tomans, and gold prices hit unprecedented record levels. The dollar briefly touched the 200,000-toman mark on Sunday but retreated before resuming its upward trajectory on Monday.

Bessent announced that a new economic campaign against Iran would commence early Monday morning in an op-ed published in the Financial Times, stating that third countries must choose between conducting business with Tehran or retaining access to the US market and global financial system.