Iran emphasizes self-sufficiency in battle against US economic war as rial hits record low of 2.05 million per dollar

Iran's rial has hit a record low of 2.05 million rials per dollar as the country grapples with intensified economic sanctions from the United States. Central Bank Governor Abdolnasser Hemmati acknowledged that oil exports, the main source of foreign currency, have nearly ceased, yet he assured business leaders that there is no shortage of foreign currency for essential goods, stating that the central bank has cash reserves in places inaccessible to the U.S.¹²³

Despite the economic turmoil, Iranian authorities emphasize self-sufficiency. Agriculture Minister Gholam-Reza Nouri announced plans to increase domestic food production to 90 percent in the short term, aiming for complete self-sufficiency in essential food items. This comes as food prices soared over 128 percent in July compared to the previous year, according to the Statistical Center of Iran.⁶

Hemmati recognized the serious issues facing the economy, including declining purchasing power, but insisted that enduring hardship is distinct from collapse, which he claims is the goal of U.S. sanctions. Meanwhile, reports indicate that many petrol stations in major cities have run out of fuel, causing long queues, although government officials have promised that fuel prices will remain stable through the end of the current Iranian calendar month on September 22.⁵⁹

As Iran navigates these challenges, the government remains committed to bolstering domestic production capabilities to mitigate the impact of external pressures.