A person is holding Iranian Rials in Tehran, Iran on January 15. Fatemeh Bahrami/Anadolu/Getty Images
Iran’s national currency has reached an all-time low against the US dollar, trading at approximately 1.8 million rials per dollar, as reported by Iranian media.
In the past two days, the cost of a single dollar has risen by over 23,000 tomans, as reported by the Iranian Students’ News Agency (ISNA), noting that tomans are a common currency unit in Iran, valued at 10 Iranian rials.
The devaluation occurs during a fragile ceasefire with the US and Israel, while the US continues a naval blockade on Iranian ports, limiting oil movement.
Before the conflict, Iran’s economy was in a critical condition. National income per capita decreased from approximately $8,000 in 2012 to $5,000 in 2024, devastated by inflation, corruption, and sanctions.
The forecast is even bleaker. According to the United Nations Development Programme (UNDP), as many as 4.1 million additional individuals could descend into poverty as a result of the conflict.
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