On Saturday, Iran’s currency fell to a new all-time low of 1,043,000 rials to one dollar and experts are warning that it could fall lower as global tensions rise.
On February 4, 2025, President Trump signed a National Security Presidential Memorandum (NSPM) restoring maximum pressure on the government of the Islamic Republic of Iran, denying Iran all paths to a nuclear weapon, and countering Iran’s malign influence abroad.
In addition to national security components, the NSPM directs the Secretary of the Treasury to impose “maximum economic pressure” on the Government of Iran, including by sanctioning or imposing enforcement mechanisms on those acting in violation of existing sanctions.
According to the memorandum, “The Treasury Secretary will also issue guidance for all relevant business sectors – including shipping, insurance, and port operators – about the risks to any person that knowingly violates U.S. sanctions with respect to Iran or an Iranian terror proxy.”
“The Secretary of State will also modify or rescind existing sanctions waivers and cooperate with the Secretary of Treasury to implement a campaign aimed at driving Iran’s oil exports to zero.”
“The United States Permanent Representative to the United Nations will work with key allies to complete the snapback of international sanctions and restrictions on Iran.”
The exchange rate had plunged to over 1 million rials during the Persian New Year, Nowruz, as currency shops closed and only informal trading took place on the streets, creating additional pressure on the market. But as traders resumed work Saturday, the rate fell even further to 1,043,000 to the dollar, signaling the new low appeared here to stay.
On Ferdowsi Street in Iran’s capital, Tehran, the heart of the country’s money exchanges, some traders even switched off their electronic signs showing the going rate as uncertainty loomed over how much further the rial could drop.
“We turn it off since we are not sure about the successive changes of the rate,” said Reza Sharifi, who works at one exchange.
Following President Trump’s victory in November 2024, The Gateway Pundit reported that the Iranian rial fell to a then-all-time low of 703,000 rials to one dollar.
In contrast to President Trump’s approach to the brutal and dangerous Iranian regime, Joe Biden gifted the Iran more than $80 billion during his time in the White House.
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