President Masoud Pezeshkian announced a "new arrangement" to manage what he described as an attempt by enemies to cut the country's vital arteries via economic war. This deterioration follows a sharp drop in oil exports, which fell from 1.7 million barrels per day a year ago to roughly 260,000 barrels per day. Iranian citizens face annual inflation of nearly 70% and food price increases of 130% over the last year, leaving the minimum monthly wage at about $63 at the open-market rate.
Tuesday, October 20, 2026
Story
Iranian Rial Hits Record 2.7 Million Per Dollar and Euro Tops 3 Million
Global Markets17 days ago
Iran's central bank has begun selling US dollar reserves into the open market to halt a collapse in the value of the rial. The local currency slid to approximately 2.7 million per dollar on Saturday, having risen more than 8% in terms of dollar cost in less than a week, while the euro surpassed 3 million rials for the first time. The British pound and UAE dirham also reached new highs, trading at about 3.52 million and 730,000 rials respectively.
Looking for more context or analysis?
Tilt chat provides reliable, tailored insights, alerts, and automations.