Iranian Currency Market Hits New Records Amidst US Sanctions Threats
The foreign currency market in Iran has reached new highs, with the US Dollar trading at a record 220,200 Tomans on September 2. The Euro and British Pound also set new records, reaching 255,340 and 297,330 Tomans respectively. The Canadian Dollar traded at 159,020 Tomans.
The surge in foreign exchange rates coincides with statements from US Treasury Secretary Scott Bessent, who warned that Washington will sever all economic ties with Iran's outside world. He also noted that airlines, the shipping industry, and digital assets could be targeted next by US sanctions, emphasizing that any entity conducting business with the Islamic Revolutionary Guard Corps (IRGC) will face sanctions.
The Central Bank of Iran has denied claims of foreign currency shortages and the prospective collapse of the economy. Governor Abdolnaser Hemmati stated that the Central Bank stands ready to supply $2 billion in foreign exchange to stabilize the market.