Hours after the supreme leader of the Iranian regime dismissed negotiations with the United States as a “pure impasse” and “harmful,” the Iranian economy was rocked by renewed turmoil. The national currency fell sharply, the stock market tumbled, and gold prices soared, signaling a deepening financial and social crisis.
According to market data from Wednesday, September 24, the U.S. dollar climbed to 108,000 tomans at Tehran’s Ferdowsi Market, up 4,000 tomans from the previous day. The euro reached 127,000 tomans, the British pound 145,200, the UAE dirham 29,300, the Turkish lira 2,650, the Chinese yuan 15,130, and the Canadian dollar surged to a record 77,850 tomans.
The Tehran Stock Exchange also plunged, with its total index dropping by 19,000 points to 2,542. The equal-weighted index fell by 4,000 points to 771,491, eroding the capital of ordinary Iranians.
At the same time, Iran’s gold market saw unprecedented gains. The Emami gold coin jumped five million tomans in just 24 hours, reaching 108.05 million. The Bahar Azadi coin sold for 99.2 million, the half coin exceeded 56 million, the quarter coin hit 35 million, and each gram of 18-karat gold traded at over 10 million tomans.
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— NCRI-FAC (@iran_policy) September 20, 2025
Sanctions and Daily Struggles
The crisis comes on the eve of snapback sanctions and the return of all UN sanctions against the regime, driven by Khamenei’s insistence on nuclear escalation and regional aggression. Prices of basic goods in Iran are climbing at unprecedented speed, while wages remain stagnant. The widening gap between household incomes and expenses threatens to push more than 80 percent of the population into deeper hardship.
Despite this, regime media continue to shield Khamenei from accountability. The Revolutionary Guards’ Javan newspaper claimed the surge in the dollar and gold was driven by “domestic factors” and alleged that “enemy agents” were deliberately destabilizing the economy from within.
In contrast, the Khabar Online news agency highlighted the widening inequality in Tehran, where luxury penthouses are selling for millions of dollars while most citizens struggle to afford even modest housing. The report noted that northern Tehran’s luxury units, equipped with five-star hotel amenities, remain accessible only to the regime’s privileged elite.
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— NCRI-FAC (@iran_policy) September 18, 2025
A Systemic Collapse
Analysts warn that the currency and gold surge is not a temporary shock but the natural outcome of inflation and the steady weakening of the rial. At the start of the year, the dollar was trading at around 100,000 tomans. Based on inflationary trends, projections suggest the dollar could surpass 130,000 by winter and 140,000 by early next year.
This trajectory reflects more than just external sanctions. Decades of corruption, mismanagement, and the regime’s ideological policies have eroded Iran’s economic foundation. With officials doubling down on confrontation with the world, the burden of these policies continues to fall on ordinary households.
Iran’s economy is more fragile than ever, caught between sanctions abroad and structural corruption at home. Without regime change, the current trajectory points toward escalating economic and social crises that could engulf the majority of the population.