Iranian Rial Falls Below 2 Million, Warns of Retaliation Against Supporters of Sanctions

The Iranian rial has fallen to 2.02 million rials per dollar in the unofficial market. The pressure on the Iranian economy is increasing due to the anticipated additional U.S. sanctions against Iran and the issues surrounding the control of the Strait of Hormuz. The official exchange rate set by the Central Bank of Iran is about 1.5 million rials per dollar, showing a significant difference from the unofficial market rate. Mohsen Rezaei, a member of Iran's Supreme National Security Council, stated that countries supporting the new U.S. economic measures would be considered as engaging in 'acts of war.' The U.S. Treasury has not officially confirmed any new sanctions related to Iran since August 7. These sanctions could pressure third-country companies or institutions, potentially affecting oil trading and maritime transport. Control in the Strait of Hormuz could impact the market separately from military conflicts, as restrictions on passage and rising insurance costs could increase the expenses of oil transportation. Iran is experiencing a simultaneous decline in the rial and pressure from sanctions, and as the gap between the official and market exchange rates widens, the burden of import prices and foreign currency procurement increases. This issue is more about the expansion of financial and maritime controls related to the sanctions against Iran rather than a variable in cryptocurrency prices.

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