Iranian rial hits new low as US dollar tops 228,000 tomans

The Iranian rial recorded a fresh decline against foreign currencies, with the US dollar exceeding 228,000 tomans on the free exchange market.

This drop came just one day after the governor of the Central Bank of Iran denied there was a severe shortage of foreign currency needed for imports.

The central bank governor attributed the sharp fall in the local currency’s value to increased demand for reserves and capital outflows from the country.

Currency markets in Iran have been experiencing significant volatility for some time amid mounting economic pressures.