Sanctions Send Iran’s Rial Tumbling – Dollar Skyrockets to 1.1 Million on the Black Market (قیمت دلار)
Official vs. Open-Market Rates Iran’s official rate (set by the Central Bank for government transactions) has been gradually devalued but remains far below the free-market price. After years of a fixed IRR 42,000/USD “budget rate,” by early 2025 the CBI’s end-of-period rate was about IRR 545,700/USD ceicdata.com (still heavily managed). Meanwhile, Iran introduced an Electronic Trading System (ETS) where banks and exporters trade dollars in a semi-controlled manner. The ETS rate in 2025 has been around IRR 600,000–700,000 iranintl.com rudaw.net (this roughly matches what exporters and importers see in practice for non-subsidized goods). By contrast, street (parallel) rates – widely quoted by currency