In Iran, 1 dollar has reached 2.7 million rials: reasons for the economic crisis explained

The devaluation of Iran's national currency, the rial, continues. As of November 14, 2026, 1 US dollar is valued at approximately 2.7 million rials on the country's open currency market. US Treasury Secretary Scott Bessent noted that the economic situation in Iran has worsened, stating that the dollar exchange rate is approaching the 3 million mark and inflation has reached 200 percent.

These figures have once again brought serious problems in the Iranian economy to the forefront. However, is the rise in the exchange rate only related to external pressure, or are the country's internal economic problems also contributing to it? In his statement, Bessent specifically emphasized the impact of US sanctions.

What level has the dollar exchange rate reached in Iran?

According to open currency market data, on November 14, 2026, the selling rate of 1 US dollar in Iran was 2,723,500 rials. This is equivalent to approximately 272,350 tomans.

The rial is the official currency in Iran, but the public also widely uses the term "toman" in daily transactions, where 1 toman equals 10 rials. Therefore, it is important not to confuse these two units in reports about exchange rates.

Speaking about the devaluation of the Iranian currency, Scott Bessent mentioned the 3 million figure for one dollar. In his view, this reflects the dire situation in the country's economy.

The change is significant compared to the previous period. Bessent's statement mentioned that the dollar rate was previously around 600,000 before approaching the 3 million level. However, when comparing these figures, one must take into account which date and which currency unit are being referred to.

Scott Bessent: Trump has ordered the start of a maximum pressure policy against Iran

US Treasury Secretary Scott Bessent says that Donald Trump tasked him in 2025 with implementing a policy of maximum pressure against Iran.

Bessent explained that Washington's main goal has been to limit Iran's revenue from oil exports, reduce the country's access to the international financial system, and strengthen the impact of sanctions.

In his speech at the Economic Club of New York on March 6, 2025, he also warned about the possibility of the Iranian currency's devaluation. At that time, Bessent emphasized that official inflation in the country had reached 35 percent and the rial had lost a large part of its value over the year.

Subsequently, the US Treasury Secretary repeatedly noted that sanctions and a dollar shortage have increased pressure on the Iranian economy.

Has inflation reached 200 percent?

One of the most notable figures in Bessent's statement is the claim that inflation in Iran has reached 200 percent.

However, it would not be accurate to accept this indicator as identical to Iran's official statistics. Inflation can vary depending on the group of goods, the calculation period, and the methodology. Therefore, the 200 percent figure should be cited specifically as Bessent's statement.

Nevertheless, the devaluation of the rial directly affects the purchasing power of the population. Especially in a situation where the prices of imported goods, medicines, food, and raw materials necessary for production are dependent on the exchange rate, the rise in the dollar also puts pressure on prices in the domestic market.

Increased demand for foreign currency, rising import costs, and the public's declining confidence in the national currency can further complicate the economic situation.

How are US sanctions affecting the Iranian economy?

The Iranian economy has been under the influence of international sanctions for many years. In particular, restrictions aimed at oil exports and international banking operations affect the country's foreign currency inflows.

Within the framework of the US "maximum pressure" policy, restrictions have been tightened on entities involved in selling Iranian oil, transporting it, and transferring proceeds from exports through the international financial system.

As a result, Iran's access to foreign currency may decrease, payments for imports may become difficult, and pressure on the national currency may increase.

However, explaining the economic situation solely through external sanctions would be a one-sided approach. Internal economic management, problems in the banking system, budget deficits, monetary policy, and a high level of dependence on oil revenues are also important factors.

How big is the difference compared to Uzbekistan?

When comparing the devaluation of the Iranian rial with the Uzbek sum, it is necessary to ensure that the exchange rates for both countries are taken from the same date.

In the provided information, 1 US dollar is shown as 11,973 sums in Uzbekistan and 2,702,000 rials in Iran. However, since it is not clearly stated which date these figures refer to, it is not correct to present them as current rates for November 14, 2026.

The open market rate in Iran was recorded at approximately 2.72 million rials per dollar on November 14.

There is another important aspect here: the nominal value of a currency does not directly indicate its economic power. For example, the need to pay millions of rials for one dollar means the nominal value of the national currency against the dollar is low, but to assess the economies of countries, indicators such as inflation, population income, production, foreign trade, and purchasing power must also be taken into account.

What awaits the Iranian economy in the future?

The devaluation of the rial, restrictions on foreign trade, and inflationary pressure remain the main problems facing the Iranian economy.

The US side openly states that it is trying to limit Tehran's financial capabilities through sanctions. Iran, in turn, is striving to maintain its foreign trade and financial relations under such pressure.

However, the situation in the currency market is determined not only by political statements but also by real economic indicators. Oil export revenues, foreign currency reserves, import capabilities, and domestic inflation will remain the main factors influencing the rial exchange rate in the coming period.

As the current situation shows, the biggest problem for Iran is not just the rise of the dollar exchange rate, but restoring confidence in the national currency and maintaining the purchasing power of the population. This requires not only short-term measures but also large-scale economic reforms.