The gap between Iran's free market and remittance dollar rates reaches 26 percent

A review of Iran's currency market on Sunday, 2 August 2026 (11 Mordad 1405), shows the free market dollar at 192,000 toman and the remittance (hawala) dollar at 152,000 toman, putting the gap between the two rates at about 26 percent.

According to the same review, the spread between the two rates has fluctuated considerably since the start of the 1404 Iranian year: the narrowest recorded gap was 3 percent, the widest 82 percent, and the average over the period 33 percent. The current spread is below that period average.

The difference between the free market and remittance rates is one of the variables that shapes trade decisions, imports and foreign exchange policy. A narrowing of the gap relative to its historical average points to some moderation in expectations and a convergence of the two rates. Six months after the removal of the preferential exchange rate, a gap between the remittance rate and the open market rate still persists.