Iran's Currency Plummets as US Prepares New Sanctions

The Iranian rial hit a record low of over two million to the US dollar on Monday, according to websites tracking its movement. This decline comes as the US Treasury prepares to impose new sanctions on Iran, which it has dubbed 'the worst ever in history.' The International Monetary Fund expects the Iranian economy to contract by more than 5% this year, with inflation for food exceeding 100% and unemployment rising.

Despite the impact of US sanctions, Iran has so far been relatively numb to economic pain. However, Treasury Secretary Scott Bessent warned in an op-ed that an 'economic D-Day is coming for Iran' and threatened countries that do business with Tehran.

The governor of Iran's Central Bank, Abdolnaser Hemmati, sought to reassure businesses on Monday that the bank has sufficient foreign currency to facilitate trade. He stated that $20 billion in foreign currency would be provided for the industrial sector by the end of the year.