US Announces Sweeping Sanctions Against Iran as Rial Plummets to 2.02 Million to the Dollar
The United States announced sweeping economic sanctions against Iran on August 24, 2026, as the Iranian rial hit a record low of 2.02 million to the dollar. The sanctions, described as the largest ever imposed on a country, followed weeks of economic turmoil and diplomatic pressure. The Central Bank of Iran maintained an official rate of 1.5 million to the dollar, but the market rate reflected the severe devaluation Iranians were experiencing.
Where Sources Diverge
The exact exchange rate varies between sources, with some reporting 2.02 million rials to the dollar and others noting the official rate was 1.5 million.
The rial dropped to 2.02 million to the U.S. dollar as trading opened on currency markets.
More than two million rials are worth just one dollar today.
The US President's name is mentioned in some sources but not in others.
Donald Trump pledged to increase pressure on Iran.
The US prepares to announce more sanctions.
Timelines
Sources
Iran's Foreign Minister calls the new US economic sanctions threat a hopeless maneuver. Last week, Donald Trump pledged to increase pressure on Iran. It is said that the economic measures announced today will be the largest ever applied against any country. Despite the threats, Tehran's top diplomat insists that Iran remains unbreakable, although the president acknowledges that the previous sanctions have weakened Iran's economy, which is now facing numerous problems, and the country's currency has hit record lows. More than two million rials are worth just one dollar today.
US Set to Unveil Fresh Iran Sanctions as Rial Hits Record Low Bloomberg
Iran's rial currency hits new record low as US prepares to announce more sanctions - Region - World Ahram Online
The rial dropped to 2.02 million to the U.S. dollar as trading opened on currency markets. Iran's official Central Bank rate stood at around 1.5 million rial to the dollar, but the market rate is what most Iranians pay
Iran's rial reached a record low as the United States prepared new economic sanctions. Existing restrictions and a naval blockade have already severely impacted Iran's economy. The currency's decline has not yielded concessions from the US President. Iran and Oman are reportedly nearing an agreement on managing the Strait of Hormuz. The United Arab Emirates suspended all trade with Iran following discussions with the US.
Iran’s rial currency hits new record low as US prepares to announce more sanctions AP News