The Rial’s Record Collapse

Iran’s rial has fallen beyond 2.5 million per U.S. dollar on Tehran’s free market during a seven-month war, intensifying sanctions and disrupting trade. The collapse is imposing unequal costs: rial-paid workers, pensioners and poorer households are losing purchasing power, while households with spare income are shifting savings toward dollars, gold and other assets. A ceasefire might halt the fall or produce a short rebound, but lasting recovery would require restored foreign-exchange access, lower inflation and credible economic normalization.

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