Iran rial slide is temporary, central bank chief says

Iran's central bank governor Abdolnaser Hemmati said Monday that the rial's depreciation was temporary after the currency fell further on the black market.

The rial has lost nearly 10 percent of its value over the past two weeks and was trading at more than 2 million to the US dollar on Monday, according to websites that track unofficial rates.

Before the war, the rial traded at about 1.7 million to the dollar. In late April, just over two months into the war, it reached what was then a record low of 1.8 million.

Hemmati told state TV that foreign exchange price increases fluctuate and blamed what he called American political propaganda for much of Iran's economic pain. He said he was sure the situation would improve.

The comments came as US Treasury Secretary Scott Bessent was expected to announce a new wave of economic pressure against Iran. Washington is continuing a blockade of Iranian ports in the Gulf and the Strait of Hormuz.

Bessent described the planned measures as "the largest coordinated economic isolation campaign in world history."