Iranian Toman Plummets Past 210K per Dollar Amid Sanctions and Inflation

The Iranian toman has plummeted in value against the US dollar over the past year, losing more than half its worth. The dollar is now trading at over 211,000 tomans in Iran's free market, up from around 207,000 a week earlier. According to Tejarat News, a website that tracks free-market exchange rates, the euro stood at about 245,000 tomans and the British pound traded at approximately 285,000 tomans.

The decline of the Iranian currency has accelerated due to rising demand for foreign currency and limited access to international payment channels. This has put additional pressure on the currency, causing prices of imported goods, raw materials, and essential products to rise. Tejarat News noted that 'the decline has accelerated as demand for foreign currency rises and access to international payment channels remains limited, putting further pressure on the currency.'

The Iranian economy is also facing high inflation, with annual inflation reaching 66% in July, according to the Statistical Center of Iran. Food inflation stood at a staggering 128%. The US Treasury Secretary's 'Operation Economic Outcast' has also contributed to the decline of the Iranian currency.