Iran Rial Hits Record Low as US Prepares New Sanctions

The Iranian rial plummeted to a record low of 2.02 million to the U.S. dollar on August 24, 2026, as Washington prepared to announce fresh sanctions against Tehran.

Market rates for the currency have surged while the official Central Bank rate remains at 1.5 million rial per dollar, with food staples like rice and beef rising 60% and 150% respectively since the war began.

Oman's Foreign Minister is scheduled to visit Iran on August 25, 2026, as the two nations reportedly near a joint management plan for the Strait of Hormuz to address the ongoing maritime conflict.