Iran’s rial is plummeting, now trading at over 2.24 million per dollar on the open market—hitting a record low and falling 12% since it first breached 2 million in late August. Just a year ago, the exchange rate stood at around 1.1 million. Amid the crash, food prices have skyrocketed by 128%, slashing the real value of the minimum wage to roughly $74 a month. The downturn sharply accelerated after the U.S. Treasury launched Operation Economic Outcast on August 24.
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1September 7, 2026 1.2K
