Iran’s rial falls past 2 million per dollar as Khamenei urges domestic production

  • Mojtaba Khamenei urged Iran’s government to prioritize domestic production and reduce dollar reliance.
  • The Iranian rial fell past 2 million rials per U.S. dollar on the free market.
  • Khamenei delivered the message during Iran’s Government Week amid further U.S. sanctions.

Iran’s Supreme Leader Mojtaba Khamenei urged the government to rely more heavily on domestic production and gradually reduce the dollar’s prominent role as the Iranian rial fell past 2 million to the U.S. dollar on the free market. In a message for Iran’s Government Week, he identified inflation, unemployment, price management and regulation of goods and services markets as interconnected challenges. Khamenei also called for stronger economic growth, increased investment directed toward necessary sectors, greater production and a central role for “resistance economy” policies. He said imports should be used properly and wisely when domestic supply is inadequate, while better management of production, imports and prices could eliminate the economy’s remaining “dark spots.” The currency decline came as Washington launched further sanctions aimed at strangling Iran’s economy.

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