{
  "id": 2995663,
  "title": "Iran's currency hits record low as US prepares to hit Tehran with economic offensive",
  "url": "https://urgent.news/2026/08/24/irans-currency-hits-record-low-as-us-prepares-to-hit-tehran-with-2995663",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-24T09:49:17.000Z",
  "source": {
    "name": "The National UAE",
    "slug": "the-national-uae",
    "url": "https://www.thenationalnews.com/business/2026/08/24/irans-currency-hits-record-low-as-us-prepares-to-hit-tehran-with-economic-offensive/"
  },
  "original_language": "en",
  "account": "Iran's currency, the rial, plummeted to an unprecedented low against the US dollar as the United States prepared to unleash a severe economic offensive against Tehran on Monday. The rial traded at approximately 2.02 million per dollar on the black market, a dramatic drop from 1.53 million rials per dollar in early March when hostilities commenced. US Treasury Secretary, Scott Bessent, warned Iran of an \"economic D-Day,\" stating that Washington was entering the decisive phase of the conflict. He detailed in a Financial Times article that the US was implementing \"the single greatest financial offensive ever marshaled against an adversary.\" Bessent is scheduled to deliver a press briefing at 9pm UAE time. Earlier, President Donald Trump had cautioned that nations supporting Iran would face economic repercussions, though he did not specify any particular countries. Iran's rial has been under immense strain since the outbreak of war on February 28, grappling with existing sanctions and dwindling exports. The country's central bank governor, Abdolnaser Hemmati, highlighted the dire situation, stating that Iran had ceased exporting oil, and foreign exchange reserves had become increasingly inaccessible due to US restrictions. Hemmati informed that \"there is no doubt that we have restrictions on oil exports,\" adding that oil sales revenue had \"fallen to zero.\" He further explained that the same predicament applied to Iran, marking a reality of the nation's inability to export oil. Iran is facing escalating economic turmoil, with the war exacerbating inflation, weakening the currency, energy shortages, and sanctions, all while crippling infrastructure and disrupting trade. The International Monetary Fund's July forecast predicts a 5.4% contraction for Iran's economy this year, with inflation expected to soar to around 70% in 2026.",
  "summary": "Iran’s currency, which has recently been in free fall, hit an all-time low against the dollar, as the US prepares to announce crushing economic measures against Tehran on Monday. The Iranian rial was trading at about 2.02 million to the US dollar on the parallel market on Monday, according to Bonbast.com, which monitors unofficial exchange rates. That compares with 1.53 million rials to a dollar…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 10,
    "also_reported_by": [
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "Oil falls as US prepares to unveil new Iran sanctions",
        "url": "https://urgent.news/2026/08/23/oil-falls-as-us-prepares-to-unveil-new-iran-sanctions",
        "published": "2026-08-23T23:41:12.000Z"
      },
      {
        "outlet": "CNBC World",
        "title": "U.S. to unveil 'greatest financial offensive' against Iran as Tehran threatens ship seizures",
        "url": "https://urgent.news/2026/08/24/u-s-to-unveil-greatest-financial-offensive-against-iran-as-tehran",
        "published": "2026-08-24T02:25:07.000Z"
      },
      {
        "outlet": "SABC News",
        "title": "Oil falls as US prepares to unveil new Iran sanctions",
        "url": "https://urgent.news/2026/08/24/oil-falls-as-us-prepares-to-unveil-new-iran-sanctions",
        "published": "2026-08-24T05:25:07.000Z"
      },
      {
        "outlet": "Investing.com",
        "title": "Global bonds freeze as U.S. prepares ’greatest financial offensive’ against Iran",
        "url": "https://urgent.news/2026/08/24/global-bonds-freeze-as-u-s-prepares-greatest-financial-offensive",
        "published": "2026-08-24T08:11:27.000Z"
      },
      {
        "outlet": "Winnipeg Free Press",
        "title": "Iran’s rial currency hits new record low as US prepares to announce more sanctions",
        "url": "https://urgent.news/2026/08/24/irans-rial-currency-hits-new-record-low-as-us-prepares-to-announce",
        "published": "2026-08-24T08:28:22.000Z"
      },
      {
        "outlet": "Associated Press",
        "title": "Iran’s rial currency hits new record low as US prepares to announce more sanctions",
        "url": "https://urgent.news/2026/08/24/irans-rial-currency-hits-new-record-low-as-us-prepares-to-announce-2984002",
        "published": "2026-08-24T08:53:01.000Z"
      },
      {
        "outlet": "ABC News (US)",
        "title": "Iran's rial currency hits new record low as US prepares to announce more sanctions",
        "url": "https://urgent.news/2026/08/24/irans-rial-currency-hits-new-record-low-as-us-prepares-to-announce-2992140",
        "published": "2026-08-24T09:34:48.000Z"
      },
      {
        "outlet": "The National Business",
        "title": "Iran's currency hits record low as US prepares to hit Tehran with economic offensive",
        "url": "https://urgent.news/2026/08/24/irans-currency-hits-record-low-as-us-prepares-to-hit-tehran-with",
        "published": "2026-08-24T09:49:17.000Z"
      },
      {
        "outlet": "NPR",
        "title": "Treasury Secretary Scott Bessent to unveil new economic sanctions on Iran",
        "url": "https://urgent.news/2026/08/24/treasury-secretary-scott-bessent-to-unveil-new-economic-sanctions-on",
        "published": "2026-08-24T12:26:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}