{"id":335954,"date":"2025-08-24T10:31:37","date_gmt":"2025-08-24T09:31:37","guid":{"rendered":"https:\/\/www.ncr-iran.org\/en\/?p=335954"},"modified":"2025-08-24T10:31:37","modified_gmt":"2025-08-24T09:31:37","slug":"irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies","status":"publish","type":"post","link":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/","title":{"rendered":"Iran\u2019s Currency Crisis: The Legacy of Four Decades of Multi-Rate Policies"},"content":{"rendered":"<figure id=\"attachment_329563\" aria-describedby=\"caption-attachment-329563\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-329563 size-full\" src=\"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2025\/03\/iran-calculator-dollar-toman.jpg\" alt=\"Two people exchanging Iranian tomans for U.S. dollars\" width=\"1000\" height=\"563\" srcset=\"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2025\/03\/iran-calculator-dollar-toman.jpg 1000w, https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2025\/03\/iran-calculator-dollar-toman-300x169.jpg 300w, https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2025\/03\/iran-calculator-dollar-toman-768x432.jpg 768w, https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2025\/03\/iran-calculator-dollar-toman-746x420.jpg 746w, https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2025\/03\/iran-calculator-dollar-toman-150x84.jpg 150w, https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2025\/03\/iran-calculator-dollar-toman-696x392.jpg 696w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-329563\" class=\"wp-caption-text\">Two people exchanging Iranian tomans for U.S. dollars<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><strong><em>Three-minute read<\/em><\/strong><\/p>\n<p style=\"text-align: justify;\">As Iran\u2019s economy marks the final week of 2025, the foreign exchange market reflects the severity of the regime\u2019s chronic financial crisis. The free-market exchange rate of the U.S. dollar has reached 93,850 tomans, an increase of 560 tomans in just 24 hours, while the official trading rate stands at 72,053 tomans and commercial transfers at 69,954 tomans. This widening gap is not a temporary fluctuation but a symptom of the deep structural currency crisis that has plagued Iran for decades.<\/p>\n<p style=\"text-align: justify;\">At the root of this crisis lies the <a href=\"https:\/\/www.ncr-iran.org\/en\/news\/economy\/regimes-dual-exchange-rate-system-fueling-massive-corruption-in-iran\/\" target=\"_blank\" rel=\"noopener\">multi-rate exchange system<\/a>, a mechanism that has allowed regime-linked networks to siphon national resources under the guise of managing the economy. Far from stabilizing markets, these policies have created layers of corruption, arbitrage opportunities, and rent-seeking for insiders loyal to the ruling elite.<\/p>\n<h2 style=\"text-align: justify;\">Structural Weaknesses and Missed Opportunities<\/h2>\n<p style=\"text-align: justify;\">Iran\u2019s economy has been severely weakened by international sanctions, political risks, energy imbalance, water scarcity, and environmental crises. Military tensions have further increased uncertainty, stalling investment and production. Despite a <a href=\"https:\/\/irandataportal.syr.edu\/20-year-national-vision\" target=\"_blank\" rel=\"noopener\">twenty-year national development plan<\/a> that once promised Iran the leading economic position in West Asia, the country has fallen dramatically behind.<\/p>\n<p style=\"text-align: justify;\">Technical fixes have repeatedly failed because non-economic factors\u2014political repression, corruption, and lack of institutional independence\u2014dominate economic decision-making. Without addressing these systemic barriers, no reform can take root.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Iran?src=hash&amp;ref_src=twsrc%5Etfw\">#Iran<\/a>&#39;s Currency and Gold Prices Surge Amid Escalating Tensions with the West<a href=\"https:\/\/t.co\/0REyGIQsCt\">https:\/\/t.co\/0REyGIQsCt<\/a><\/p>\n<p>&mdash; NCRI-FAC (@iran_policy) <a href=\"https:\/\/twitter.com\/iran_policy\/status\/1888546919107961218?ref_src=twsrc%5Etfw\">February 9, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify;\">\n<h2 style=\"text-align: justify;\">The Populist Trap and Currency Controls<\/h2>\n<p style=\"text-align: justify;\">Ali Madanizadeh, the regime\u2019s current Minister of Economy, has warned against the consequences of the regime\u2019s own failed economic policies, not out of concern for reforms but out of fear that worsening distortions could fuel social backlash. <a href=\"https:\/\/www.khabaronline.ir\/news\/2104561\" target=\"_blank\" rel=\"noopener\">He acknowledged<\/a> that successive governments, rather than addressing structural weaknesses, have relied on artificial exchange mechanisms such as NIMA, SANA, and multiple exchange boards \u2014 policies that have deepened economic instability. Madanizadeh cautioned that under current conditions, even more fragmented exchange rate tiers could emerge, a scenario the regime fears could intensify public anger in an already explosive society.<\/p>\n<p style=\"text-align: justify;\">The so-called Anti-Smuggling Law and related Central Bank directives, rather than resolving problems, have entrenched arbitrary rules and fueled further rent-seeking.<\/p>\n<h2 style=\"text-align: justify;\">A History of Multi-Rate Failures<\/h2>\n<p style=\"text-align: justify;\">Iran\u2019s currency history tells a story of repeated crisis and manipulation:<\/p>\n<ul style=\"text-align: justify;\">\n<li>1991\u20131992: A brief period of single-rate policy.<\/li>\n<li>1993: Dual exchange rates introduced, with the official rate diverging sharply from the free market.<\/li>\n<li>2002\u20132010: Relative stability under single-rate system due to high oil revenues.<\/li>\n<li>2011\u20132013: Sanctions reintroduced dual and even triple exchange rates.<\/li>\n<li>2017\u20132021: The <a href=\"https:\/\/www.ncr-iran.org\/en\/news\/economy\/iran-raisis-government-in-real-quandary-to-remove-preferential-currency-rate\/\" target=\"_blank\" rel=\"noopener\">42,000-rial \u201cpreferential\u201d rate<\/a>, ostensibly introduced to protect essential imports, became a symbol of corruption and inefficiency.<\/li>\n<li>2022 onward: The establishment of the Currency Exchange Center entrenched three-tiered rates, with wide gaps between official, commercial, and free-market prices.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Today, the commercial rate hovers around 67,000\u201369,000 tomans, while the free-market rate exceeds 93,000 tomans. These distortions effectively sideline genuine market forces and create vast opportunities for insider profiteering.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Iran?src=hash&amp;ref_src=twsrc%5Etfw\">#Iran<\/a> Regime Parliament\u2019s Think Tank: Forex Subsidy Policy Impractical<br \/>The Majlis Research Center, Iran Regime parliament\u2019s research arm, has taken a dim view of the preferential forex rate policy of the government in the past months and warned about&#8230; <a href=\"https:\/\/t.co\/WoFNNjD5GP\">pic.twitter.com\/WoFNNjD5GP<\/a><\/p>\n<p>&mdash; NCRI-FAC (@iran_policy) <a href=\"https:\/\/twitter.com\/iran_policy\/status\/1080553691986436096?ref_src=twsrc%5Etfw\">January 2, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 style=\"text-align: justify;\">The Central Bank in Chains<\/h2>\n<p style=\"text-align: justify;\">The Central Bank of Iran, whose role should be to stabilize currency and manage liquidity, has long been stripped of independence. Successive governments have used it as a tool to finance budget deficits, worsening inflation and undermining credibility.<\/p>\n<p style=\"text-align: justify;\">Former Deputy Governor of the Central Bank, Kamal Seyed Ali, <a href=\"https:\/\/jahanesanat.ir\/%D8%B3%D9%8A%D8%A7%D8%B3%D8%AA-%D8%A7%D8%B1%D8%B2%D9%8A-%D8%AF%D8%B1-%D8%AA%D9%84%D9%87-%D8%AF%D9%88%D9%84%D8%AA\/\" target=\"_blank\" rel=\"noopener\">has confirmed<\/a> that constant government intervention has drained foreign reserves, widened social inequality, and entrenched economic rents. The result is a 45-year cycle of double-digit inflation, often spiking above 40%, and continuous exchange-rate crises.<\/p>\n<p style=\"text-align: justify;\">Each major currency shock\u20141994, 2011, 2018\u2014has been triggered by a combination of external pressure (sanctions, oil shocks, geopolitical tensions) and internal mismanagement (rentier policies, forced exchange rates, negative interest rates). Instead of stabilizing markets, the regime\u2019s interventions have merely postponed the inevitable collapse, leaving the population to pay the price through inflation, declining purchasing power, and capital flight.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Iran?src=hash&amp;ref_src=twsrc%5Etfw\">#Iran<\/a>\u2019s Economic Crisis Isn\u2019t a Mystery\u2014It\u2019s the Regime\u2019s Legacy<a href=\"https:\/\/t.co\/yTq2D6gXgt\">https:\/\/t.co\/yTq2D6gXgt<\/a><\/p>\n<p>&mdash; NCRI-FAC (@iran_policy) <a href=\"https:\/\/twitter.com\/iran_policy\/status\/1914300549459063198?ref_src=twsrc%5Etfw\">April 21, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 style=\"text-align: justify;\">A System Designed for Plunder<\/h2>\n<p style=\"text-align: justify;\">Iran\u2019s multi-rate exchange policy has been less about economic management and more about <a href=\"https:\/\/www.ncr-iran.org\/en\/news\/economy\/iranian-regime-insiders-admit-to-systemic-looting-economic-collapse\/\" target=\"_blank\" rel=\"noopener\">institutionalized looting<\/a> by regime insiders. With the Central Bank reduced to a government puppet and rent-seeking entrenched in every tier of the exchange system, the cycle of crisis continues.<\/p>\n<p style=\"text-align: justify;\">For the Iranian people, the reality is clear: an economy trapped in crisis, manipulated for the survival of a corrupt regime.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Three-minute read As Iran&rsquo;s economy marks the final week of 2025, the foreign exchange market reflects the severity of the regime&rsquo;s chronic financial crisis. The free-market exchange rate of the [&#8230;]<\/p>\n","protected":false},"author":22,"featured_media":329563,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[269],"class_list":{"0":"post-335954","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-iran-economy"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Iran\u2019s Currency Crisis: The Legacy of Four Decades of Multi-Rate Policies - NCRI<\/title>\n<meta name=\"description\" content=\"Three-minute read As Iran\u2019s economy marks the final week of 2025, the foreign exchange market reflects the severity of the regime\u2019s chronic financial Iran\u2019s economy faces a deepening currency crisis as the dollar surpasses 93,000 tomans. Decades of multi-rate policies, political interference, and corruption have left the Central Bank powerless, fueling inflation, rent-seeking, and public impoverishment.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Iran\u2019s Currency Crisis: The Legacy of Four Decades of Multi-Rate Policies - NCRI\" \/>\n<meta property=\"og:description\" content=\"Three-minute read As Iran\u2019s economy marks the final week of 2025, the foreign exchange market reflects the severity of the regime\u2019s chronic financial Iran\u2019s economy faces a deepening currency crisis as the dollar surpasses 93,000 tomans. Decades of multi-rate policies, political interference, and corruption have left the Central Bank powerless, fueling inflation, rent-seeking, and public impoverishment.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/\" \/>\n<meta property=\"og:site_name\" content=\"NCRI\" \/>\n<meta property=\"article:published_time\" content=\"2025-08-24T09:31:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2025\/03\/iran-calculator-dollar-toman.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mansoureh Galestan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@iran_policy\" \/>\n<meta name=\"twitter:site\" content=\"@iran_policy\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mansoureh Galestan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":[\"Article\",\"BlogPosting\"],\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\\\/\"},\"author\":{\"name\":\"Mansoureh Galestan\",\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/#\\\/schema\\\/person\\\/4039d83ce2c628eef0e1a1f461381ab9\"},\"headline\":\"Iran\u2019s Currency Crisis: The Legacy of Four Decades of Multi-Rate Policies\",\"datePublished\":\"2025-08-24T09:31:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\\\/\"},\"wordCount\":719,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/iran-calculator-dollar-toman.jpg\",\"keywords\":[\"Iran economy\"],\"articleSection\":[\"Iran Economy News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\\\/\",\"url\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\\\/\",\"name\":\"Iran\u2019s Currency Crisis: The Legacy of Four Decades of Multi-Rate Policies - NCRI\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/iran-calculator-dollar-toman.jpg\",\"datePublished\":\"2025-08-24T09:31:37+00:00\",\"description\":\"Three-minute read As Iran\u2019s economy marks the final week of 2025, the foreign exchange market reflects the severity of the regime\u2019s chronic financial Iran\u2019s economy faces a deepening currency crisis as the dollar surpasses 93,000 tomans. Decades of multi-rate policies, political interference, and corruption have left the Central Bank powerless, fueling inflation, rent-seeking, and public impoverishment.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/iran-calculator-dollar-toman.jpg\",\"contentUrl\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/iran-calculator-dollar-toman.jpg\",\"width\":1000,\"height\":563,\"caption\":\"Two people exchanging Iranian tomans for U.S. dollars\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Iran\u2019s Currency Crisis: The Legacy of Four Decades of Multi-Rate Policies\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/\",\"name\":\"NCRI\",\"description\":\"Official website of the National Council of Resistance of Iran\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/#organization\",\"name\":\"Official website of the National Council of Resistance of Iran\",\"alternateName\":\"Official website of the National Council of Resistance of Iran\",\"url\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/ncri-logo.jpg\",\"contentUrl\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/ncri-logo.jpg\",\"width\":402,\"height\":100,\"caption\":\"Official website of the National Council of Resistance of Iran\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/x.com\\\/iran_policy\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/#\\\/schema\\\/person\\\/4039d83ce2c628eef0e1a1f461381ab9\",\"name\":\"Mansoureh Galestan\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/6d346a2001f8363ce051c28c766cdfe5a68c4ca30376b1978c761f2bed2b63c0?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/6d346a2001f8363ce051c28c766cdfe5a68c4ca30376b1978c761f2bed2b63c0?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/6d346a2001f8363ce051c28c766cdfe5a68c4ca30376b1978c761f2bed2b63c0?s=96&d=mm&r=g\",\"caption\":\"Mansoureh Galestan\"},\"description\":\"Mansoureh Galestan is a writer and novelist. She was a news editor for Radio Mojahed from 1983 to 1988 and a news editor for Simay-e Azadi from 1988 to 2013. She has been a news writer for NCR-Iran since 2013.\",\"url\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/author\\\/mansoureh-galestan\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Iran\u2019s Currency Crisis: The Legacy of Four Decades of Multi-Rate Policies - NCRI","description":"Three-minute read As Iran\u2019s economy marks the final week of 2025, the foreign exchange market reflects the severity of the regime\u2019s chronic financial Iran\u2019s economy faces a deepening currency crisis as the dollar surpasses 93,000 tomans. Decades of multi-rate policies, political interference, and corruption have left the Central Bank powerless, fueling inflation, rent-seeking, and public impoverishment.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/","og_locale":"en_US","og_type":"article","og_title":"Iran\u2019s Currency Crisis: The Legacy of Four Decades of Multi-Rate Policies - NCRI","og_description":"Three-minute read As Iran\u2019s economy marks the final week of 2025, the foreign exchange market reflects the severity of the regime\u2019s chronic financial Iran\u2019s economy faces a deepening currency crisis as the dollar surpasses 93,000 tomans. Decades of multi-rate policies, political interference, and corruption have left the Central Bank powerless, fueling inflation, rent-seeking, and public impoverishment.","og_url":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/","og_site_name":"NCRI","article_published_time":"2025-08-24T09:31:37+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2025\/03\/iran-calculator-dollar-toman.jpg","type":"image\/jpeg"}],"author":"Mansoureh Galestan","twitter_card":"summary_large_image","twitter_creator":"@iran_policy","twitter_site":"@iran_policy","twitter_misc":{"Written by":"Mansoureh Galestan","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":["Article","BlogPosting"],"@id":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/#article","isPartOf":{"@id":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/"},"author":{"name":"Mansoureh Galestan","@id":"https:\/\/www.ncr-iran.org\/en\/#\/schema\/person\/4039d83ce2c628eef0e1a1f461381ab9"},"headline":"Iran\u2019s Currency Crisis: The Legacy of Four Decades of Multi-Rate Policies","datePublished":"2025-08-24T09:31:37+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/"},"wordCount":719,"publisher":{"@id":"https:\/\/www.ncr-iran.org\/en\/#organization"},"image":{"@id":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2025\/03\/iran-calculator-dollar-toman.jpg","keywords":["Iran economy"],"articleSection":["Iran Economy News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/","url":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/","name":"Iran\u2019s Currency Crisis: The Legacy of Four Decades of Multi-Rate Policies - NCRI","isPartOf":{"@id":"https:\/\/www.ncr-iran.org\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/#primaryimage"},"image":{"@id":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2025\/03\/iran-calculator-dollar-toman.jpg","datePublished":"2025-08-24T09:31:37+00:00","description":"Three-minute read As Iran\u2019s economy marks the final week of 2025, the foreign exchange market reflects the severity of the regime\u2019s chronic financial Iran\u2019s economy faces a deepening currency crisis as the dollar surpasses 93,000 tomans. Decades of multi-rate policies, political interference, and corruption have left the Central Bank powerless, fueling inflation, rent-seeking, and public impoverishment.","breadcrumb":{"@id":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/#primaryimage","url":"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2025\/03\/iran-calculator-dollar-toman.jpg","contentUrl":"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2025\/03\/iran-calculator-dollar-toman.jpg","width":1000,"height":563,"caption":"Two people exchanging Iranian tomans for U.S. dollars"},{"@type":"BreadcrumbList","@id":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-crisis-the-legacy-of-four-decades-of-multi-rate-policies\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.ncr-iran.org\/en\/"},{"@type":"ListItem","position":2,"name":"Iran\u2019s Currency Crisis: The Legacy of Four Decades of Multi-Rate Policies"}]},{"@type":"WebSite","@id":"https:\/\/www.ncr-iran.org\/en\/#website","url":"https:\/\/www.ncr-iran.org\/en\/","name":"NCRI","description":"Official website of the National Council of Resistance of Iran","publisher":{"@id":"https:\/\/www.ncr-iran.org\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ncr-iran.org\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.ncr-iran.org\/en\/#organization","name":"Official website of the National Council of Resistance of Iran","alternateName":"Official website of the National Council of Resistance of Iran","url":"https:\/\/www.ncr-iran.org\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ncr-iran.org\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2020\/01\/ncri-logo.jpg","contentUrl":"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2020\/01\/ncri-logo.jpg","width":402,"height":100,"caption":"Official website of the National Council of Resistance of Iran"},"image":{"@id":"https:\/\/www.ncr-iran.org\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/iran_policy"]},{"@type":"Person","@id":"https:\/\/www.ncr-iran.org\/en\/#\/schema\/person\/4039d83ce2c628eef0e1a1f461381ab9","name":"Mansoureh Galestan","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/6d346a2001f8363ce051c28c766cdfe5a68c4ca30376b1978c761f2bed2b63c0?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6d346a2001f8363ce051c28c766cdfe5a68c4ca30376b1978c761f2bed2b63c0?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/6d346a2001f8363ce051c28c766cdfe5a68c4ca30376b1978c761f2bed2b63c0?s=96&d=mm&r=g","caption":"Mansoureh Galestan"},"description":"Mansoureh Galestan is a writer and novelist. She was a news editor for Radio Mojahed from 1983 to 1988 and a news editor for Simay-e Azadi from 1988 to 2013. She has been a news writer for NCR-Iran since 2013.","url":"https:\/\/www.ncr-iran.org\/en\/author\/mansoureh-galestan\/"}]}},"_links":{"self":[{"href":"https:\/\/www.ncr-iran.org\/en\/wp-json\/wp\/v2\/posts\/335954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ncr-iran.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ncr-iran.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ncr-iran.org\/en\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ncr-iran.org\/en\/wp-json\/wp\/v2\/comments?post=335954"}],"version-history":[{"count":0,"href":"https:\/\/www.ncr-iran.org\/en\/wp-json\/wp\/v2\/posts\/335954\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ncr-iran.org\/en\/wp-json\/wp\/v2\/media\/329563"}],"wp:attachment":[{"href":"https:\/\/www.ncr-iran.org\/en\/wp-json\/wp\/v2\/media?parent=335954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ncr-iran.org\/en\/wp-json\/wp\/v2\/categories?post=335954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ncr-iran.org\/en\/wp-json\/wp\/v2\/tags?post=335954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}