Shafaq News- Tehran

Iran's toman has lost more than half its value against the dollar in a year, with the US currency climbing above 210,000 tomans from around 95,800 tomans a year ago, according to Tejarat News, a website that tracks free-market exchange rates.

The dollar is trading at more than 211,000 tomans in Iran's free market, up from about 207,000 a week earlier. The euro stood at around 245,000 tomans, while the British pound traded at about 285,000 tomans.

"The decline has accelerated as demand for foreign currency rises and access to international payment channels remains limited, putting further pressure on the currency," Tejarat News reported, noting that a weaker currency raises the cost of imported goods, raw materials and essential products.

On Aug. 24, US Treasury Secretary Scott Bessent unveiled "Operation Economic Outcast," targeting nearly 60 Iran-linked individuals, entities and vessels and widening potential secondary sanctions across sectors including digital assets, technology, gold, aviation and shipping.

Iran is also contending with high inflation. The Statistical Center of Iran reported annual inflation of 66% in July, with prices 87.9% higher than a year earlier and food inflation at 128%.