Iranian toman plunges past record 207K mark

Shafaq News-Tehran

The US dollar climbed above 207,000 tomans in Iran’s free market on Sunday, reaching 207,300 at one point, according to Tejarat News, a website that tracks free-market exchange rates.

The euro also rose to around 239,830 tomans. The dollar traded between roughly 203,400 and 206,400 tomans on Saturday, the data showed.

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%.

The broader economic strain is also reflected in oil shipments to China, Iran’s largest crude customer. Shipments fell to about 534,000 barrels per day (bpd) in August from 823,000 bpd in July, according to Kpler data, after reaching about 1.58 million bpd earlier this year.

*One toman equals 10 rials