State banks
began selling dollars at a fixed rate near 259,000 tomans per dollar, capping
purchases at $10,000 for adults as part of a $2 billion program announced by
President Masoud Pezeshkian. Yet the free-market rate climbed to between
268,800 and 270,580 tomans, highlighting a 54.4 percent premium over official
levels.
The plunge, worsened by U.S. sanctions, a naval blockade curbing oil exports, and reports of China halting satellite imagery to Iran, has driven inflation above 70 percent, raising costs for food, rent, and daily needs for ordinary Iranians. U.S. officials predict an economic breaking point, while Iranian leaders call the slide temporary and stress national resilience.