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Tehran's free-market US dollar rate fell from the previous day's close on Monday morning, October 5, 2026 (13 Mehr 1405), to 268,960 tomans, according to Donya-e-Eqtesad, which recorded the figure at 11:09 local time. But later the same morning the rate turned higher again: price tracker Alanchand.com put the dollar at about 272,500 tomans by 11:30, above the previous day's roughly 270,000-toman peak, while Tgju.org recorded today's highest print at 272,020 tomans, with the past 24 hours ranging between 267,100 and 273,100 tomans. Separately, Central Bank of Iran Governor Abdolnasser Hemmati said Monday that the central bank would decisively take any action necessary to manage the foreign-exchange market, citing its legal authority to do so.

A delegation from Iran's Central Bank, led by Hossein Kashiri, director general of international relations and cooperation, held four days of talks with Belarusian officials from September 29 to October 2, 2026 (7 to 10 Mehr 1405) on removing barriers to monetary and banking relations between the two countries. According to Mehr News Agency, citing the Central Bank's public relations office in a report carried on Sunday, October 4, a key outcome of the meeting was agreement on a stable mechanism for regular joint meetings between the two countries' central banks, commercial banks and financial institutions. Kashiri told the talks that Iran's banking structure and financial institutions are ready to attract direct investment from Belarus and said Belarusian banks could join Iranian commercial and economic projects. The meeting was held to upgrade specialized financial relations between the two countries and expand bilateral financial channels.

Iran's Central Bank, in circular number 161371 dated September 22, 2026 (31 Shahrivar 1405), told the entire banking network that when importers of goods and services delay customs clearance or delivery of shipping documents and the exchange rate moves in that period, they are obligated to pay the exchange rate difference on their allocated currency, and refusal to pay is treated as a violation of currency rules. According to the circular, reported by Mehr News Agency on Sunday, October 4, Iran's Tazirat Organization, the body handling government economic violations, has been designated as the competent authority to adjudicate these cases. The Central Bank asked the banking network that, when such a violation occurs, banks file a complaint citing Article 2 bis of the Anti Smuggling of Goods and Currency Law and Unified Procedure Ruling No. 878, and refer the case to the Tazirat Organization for a ruling on payment of the exchange rate difference. The ruling is binding, under Article 471 of the Criminal Procedure Code, on all branches of the Supreme Court, courts and quasi judicial bodies.

According to Eurostat data released on Friday, October 2, 2026 (10 Mehr 1405) and reported by Iran's Mehr News Agency on Sunday, October 4, eurozone consumer prices rose 3.8 percent year on year in September, accelerating from 3.2 percent in August and exceeding analysts' estimate of 3.6 percent. This is the fastest annual eurozone inflation rate since September 2023. The data showed that continued Middle East tensions, by pushing up energy prices, were the main driver of the acceleration. Energy inflation reached 18.8 percent in September, up from 14.3 percent in August. Services inflation was 3.2 percent, food and tobacco 1.4 percent, and non energy industrial goods 1.1 percent. Core inflation, excluding energy and food, was estimated at 2.5 percent in September, still notably below the headline rate. The data will complicate interest rate policy at the European Central Bank.

According to Donya-e-Eqtesad, the quota dollar sold to applicants over 18 through selected bank branches with a national ID card traded at 257,000 tomans today, Sunday, October 4, 2026 (12 Mehr 1405). The program runs alongside the free market dollar rate, which traded around 269,000 to 270,000 tomans in Tehran today, and is one of the central bank's tools for meeting household demand for foreign currency. The quota dollar rate has risen in recent days in step with the free market rate.

The free-market US dollar in Tehran rose on the morning of Sunday, 12 Mehr 1405 (October 4, 2026), climbing to 270,150 tomans from the previous day's opening rate, according to Donya-e-Eqtesad, which recorded the figure at 11:11 am local time. The euro also continued its upward path. Two other pricing sources corroborated the jump: Alanchand.com quoted the dollar's buy and sell rates at the same hour at 268,700 and 271,400 tomans respectively, while Tgju.org put today's highest recorded dollar price at 268,520 tomans and reported a 9.43 percent weekly rise versus Monday, 6 Mehr. The figure marks a continued climb from the 263,700 tomans reported for the morning of Saturday, 11 Mehr.

Iran's government Economic Coordination Council met on the afternoon of Saturday, Mehr 11, 1405 (October 3, 2026), with President Masoud Pezeshkian in attendance. According to EcoIran, the meeting reviewed the latest state of the foreign exchange market, the budget's sources and uses, foreign trade, and the supply of essential goods. The Ministry of Economic Affairs and Finance presented a report on the government's finances amid declining oil and tax revenue linked to wartime conditions, stressing the need for tighter fiscal policy coordination. The Plan and Budget Organization presented a seven point proposal for managing current conditions. The Agriculture Jihad Minister said there is no shortage of essential goods at present. Mohsen Rezaei, secretary of the Supreme National Security Council, described the current period as among the country's hardest, referencing the ongoing negotiation track, and called for closer coordination among state bodies. The meeting followed a simultaneous jump in the dollar, gold and the gold coin on Tehran's free market in recent days.

According to Donya-e-Eqtesad, Tehran's currency and gold markets saw several assets jump together today, Saturday, October 3, 2026. The free market dollar rose from yesterday's close to 268,580 tomans, while the official exchange center's "havaleh" dollar rate rose from 174,704 to 175,228 tomans. The euro climbed to 302,510 tomans in the free market and the pound to 355,000 tomans. In gold and coins, 18-karat gold per gram rose to 26,377,100 tomans and one mesghal to 114,260,000 tomans, even as global spot gold fell 24 dollars from the previous day to 4,141 dollars an ounce, meaning Iran's sharp domestic gold rally is being driven by the rial's slide rather than global prices. The Emami gold coin traded higher at 270.8 million tomans. Tgju.org and Alanchand corroborated the move in the same window; Tgju logged the dollar at 2,677,150 rials (267,715 tomans), up 92,500 rials on the day. The simultaneous jump comes after the Central Bank said earlier today that the current exchange rate does not match the economy's fundamentals.

According to Donya-e-Eqtesad, citing Bloomberg, Fed Vice Chair Philip Jefferson and New York Fed President John Williams said in separate speeches last week, on Tuesday September 29 and Thursday October 1, 2026, that the US central bank has enough time to assess the economy before considering another rate hike. Based on fed funds futures pricing, the odds of a hike at the Fed's October 27 to 28 meeting fell from around 70 percent before the speeches to about 25 percent afterward. The remarks follow the Fed's quarter point rate hike on September 16, its first since 2023, and come ahead of the US consumer inflation report due October 14.

According to Donya-e-Eqtesad, Tehran's free market dollar reached 263,700 tomans on Saturday, October 3, 2026 (Mehr 11, 1405). Sahmino's own live price feed recorded the dollar near 265,700 tomans at 11:29 local time the same day, up 2.82 percent on the previous trading session. The move extends a recent rally from around 258,000 tomans on Wednesday, October 1. Simultaneous gains in gold, coins and Tether in the domestic market point to the same demand pressure for foreign currency and rial alternative assets.

Iran's Central Bank (CBI) said in an official statement on Friday, October 2, 2026, that its assessments show the current exchange rate does not fully match the economy's fundamental variables, and that a significant part of the gap stems from heightened uncertainty, psychological pressure and market expectations. The bank stressed its goal is not to defend a specific rate but to preserve monetary and exchange stability and prevent unsupported volatility from becoming entrenched. Per the statement, buying and selling foreign currency and gold and intervening in the market are among its legal tools under the new Central Bank law, and it will strengthen its reserves when appropriate. The statement came a day after the CBI injected 2 billion dollars into the market and raised the services dollar cap to 10,000 dollars, while the free market dollar had reached near 258,000 tomans earlier the same week.

According to the latest figures published by the Statistical Center of Iran (released 8 Mehr 1405, September 30, 2026), Iran's consumer inflation rate for Shahrivar 1405 (the month ending September 22, 2026) stood at 73.6 percent. The same data set put the producer inflation rate for spring 1405 (ended June 21, 2026) at 66.7 percent, and the unemployment rate for the same quarter at 9.1 percent. The Statistical Center also reported an economic growth rate of negative 10.1 percent for spring 1405 and a Gini coefficient of 0.3849 for Iranian year 1404 (ended March 2026). The figures represent the most authoritative official snapshot of Iran's prices, labor market and economic activity at the close of this summer.

Eurozone annual inflation accelerated to 3.8 percent in September 2026, up from 3.2 percent in August and above the market forecast of 3.6 percent, according to Eurostat's preliminary estimate. The reading is the highest since September 2023 and remains well above the European Central Bank's 2 percent target. Turkey's Daily Sabah reported on Friday, 10 Mehr 1405 (October 2, 2026) that the figure topped analyst expectations. Per Eurostat, the main driver was a sharp rise in energy prices amid continued fighting in West Asia; energy inflation jumped to 18.8 percent, its highest level since January 2023. Services inflation rose to 3.2 percent from 3.0 percent, and unprocessed food inflation rose to 4.0 percent from 2.7 percent; core inflation, excluding energy and food, rose to 2.5 percent from 2.4 percent. Among the euro area's largest economies, inflation accelerated to 3.3 percent in Germany, 3.4 percent in France, 5.0 percent in Spain and 4.1 percent in Italy.

According to Mehr News Agency, France faced higher government borrowing costs on Friday, 10 Mehr 1405 (October 2, 2026), as its government debt-to-GDP ratio reached about 119 percent. The fiscal concerns have put the euro under pressure against the US dollar. Sahmino's own data shows the euro-dollar exchange rate at 1.1259 today. France's heavy government debt load, one of the largest economies in the eurozone, has become a growing focus of concern for European bond investors in recent months, pushing up its long-term borrowing costs relative to other major eurozone economies.

According to Mehr News Agency, citing monetary and banking experts, Iran's central bank intervened heavily in the currency market on Thursday, 9 Mehr 1405 (October 1, 2026), supplying 2 billion dollars and raising the personal services foreign-exchange purchase cap tenfold, from 1,000 to 10,000 dollars, in a new approach to containing recent exchange-rate jumps. The move follows an earlier intervention in which a 500 million dollar supply from the market maker drew only about 20 million dollars (roughly 4 percent) in uptake and failed to halt the rally in the free market. Economists including monetary researcher Mehdi Rahnama and currency analyst Kamran Moradian told Mehr that the higher purchase cap could redirect some genuine demand, such as that of students, medical patients and travelers, from the free market into the banking network, but said the policy's lasting success depends on addressing underlying drivers such as liquidity growth and the chronic budget deficit.

The free-market US dollar rate in Tehran rose above the previous day's close on Thursday, October 1, 2026 (9 Mehr 1405). According to Donya-e-Eqtesad, the rate reached 257,960 tomans as of 14:11 Tehran time. Live data from price tracker tgju.org recorded the dollar at around 258,300 tomans by 15:00 the same day, up nearly 1.4 percent on the day. The euro posted a similar gain in the free market. The move extends a multi day upward trend for the free market dollar. Earlier the same day, the official transfer rate at Iran's Exchange Center had also risen from the previous day and approached 175,000 tomans.

US 10-year Treasury yields climbed to 5.34 percent on Thursday, October 1, 2026 (9 Mehr 1405), amid a broad sell off in global debt markets, a level unseen since 2002. According to Mehr News Agency and EcoIran, simultaneous increases in oil prices, inflation concerns, and growing financing needs from the US government and technology companies have intensified upward pressure on long term rates. Traders continue to price in a high probability of further Federal Reserve rate hikes in coming months, though the Fed's own projections and dot plot point to a slower pace. Borrowing costs have also risen in several other major economies at the same time. Rising US yields typically strengthen the dollar and the appeal of dollar denominated assets, a channel that also affects Iran's currency and gold markets.

Iran's Exchange Center (Markaz-e Mobadele-ye Arz va Tala), the official platform used mainly to settle export and import transfers, raised its dollar sale rate by 522 tomans on Thursday, October 1, 2026 (9 Mehr 1405) to 174,704 tomans, nearing the 175,000 toman threshold, Mehr News Agency reported. The outlet said rates for other currencies rose at the center as well today. This official rate differs from the free market dollar rate, which has recently traded around 255,000 tomans.

Jamie Dimon, CEO of JPMorgan Chase and Co., said in a Bloomberg interview and a Wall Street Journal op-ed published Wednesday, September 30, 2026 (8 Mehr 1405) that the dollar's status as the world's reserve currency depends entirely on the durability of US economic strength. He urged Washington policymakers to pursue strategic trade agreements with Western allies to prevent an erosion of the dollar's global dominance. Citing 20 to 30 trillion dollars in foreign investment in the United States and comparable amounts invested abroad by US companies, Dimon called Western trade unity essential, stressing that the dollar will keep its dominance only if the United States finalizes new trade agreements.

The US Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, rose less than markets expected in August 2026. According to data released Wednesday, September 30, 2026 (8 Mehr 1405), prices rose 3.4 percent year on year, versus an economist forecast of 3.7 percent, and 0.3 percent month on month, below the 0.4 percent expected. Core PCE inflation, which excludes food and energy, rose 3 percent year on year and 0.2 percent month on month, also below forecasts of 3.3 and 0.3 percent respectively. Separately, the final estimate of US second quarter 2026 GDP growth was revised up to an annualized 2.2 percent, from a prior estimate of 1.5 percent. The data could influence market expectations for the Federal Reserve's next interest rate decision.

On Wednesday, September 30, 2026 (8 Mehr 1405), according to EcoIran, John Williams, president of the Federal Reserve Bank of New York and a permanent voting member of the FOMC, said the Fed is in no rush to raise rates again. Based on fed funds futures pricing, his remarks cut the market implied probability of a 25 basis point hike at the October 27 to 28 meeting from about 70 percent to near 50 percent, with some estimates putting it as low as 42 percent. The Fed had raised rates by 25 basis points in September, its first hike since 2023, to a range of 3.75 to 4 percent. Williams projected US inflation would reach 3.5 percent this year and return fully to the Fed's 2 percent target by 2028. The same day, St. Louis Fed President Alberto Musalem and Chicago Fed President Austan Goolsbee both stressed the continued need for tight monetary policy, while Fed governor Michael Barr said further policy tightening would likely be needed to bring inflation back to target on a reasonable timeline.

The Emami gold coin's price topped 260 million tomans in Tehran on the afternoon of Wednesday, September 30, 2026 (8 Mehr 1405). Sahmino's own price data showed the coin trading at 260.01 million tomans (2,600,100,000 rials) as of 16:00 Tehran time, up about 5 million tomans (1.96 percent) from the previous day. Iran's Alanchand pricing platform recorded the new-design Emami coin at 260 million tomans at the same hour, up 1.96 percent, matching Sahmino's own reading. Earlier the same morning, the coin had crossed 255 million tomans for the first time, making today's move the second notable rally in the coin market within a single trading day. The coin's rise came alongside a firmer US dollar in Iran's free market: according to Alanchand, the dollar reached 256,050 tomans by the afternoon, up roughly 1,400 tomans (0.55 percent) from Tuesday's 254,650 tomans.

The US dollar's free market rate in Tehran topped 255,000 tomans on the sell side by 11:30 a.m. on Wednesday, September 30, 2026 (8 Mehr 1405), according to Alanchand.com, which quoted a buy rate of 252,550 tomans and a sell rate of 255,100 tomans. The rate had stood at about 253,000 tomans on the evening of Tuesday, September 29, and about 249,000 tomans on the morning of Monday, September 28, meaning the currency has climbed steadily over the past three trading days. At the same time, Donya e Eqtesad reported that the price of the Emami gold coin also rose on Wednesday to 255 million tomans. Analysts link the trend to the continuing rise in global gold prices and increased hedging demand in the domestic market.

Iran's Central Bank announced on Tuesday, September 29, 2026 (7 Mehr 1405), that it has dismissed 11 bank branch managers following a deterrent disciplinary order, after the managers failed to carry out their legal customer-identification and ongoing-monitoring duties, creating conditions that allowed some individuals to abuse the foreign-exchange and gold markets. The bank warned credit institutions against any violation of customer-identification rules and said future regulatory and disciplinary measures would be pursued and applied more rigorously across all levels of these institutions, including branch staff, headquarters and managers.

The free-market dollar in Tehran reached 253,350 tomans on Tuesday, September 29, 2026 (7 Mehr 1405), crossing the 250,000-toman channel for the first time, according to Donya-e-Eqtesad. Live data from the gold and currency information network TGJU showed the dollar trading around 253,200 tomans in the same window, up roughly 3.4 percent from the prior close. At the same time, according to EcoIran, the Emami gold coin jumped nearly 7 million tomans in a single day to reach 253.2 million tomans, with 18-karat gold at 24.992 million tomans. EcoIran attributed the rally to market disappointment over the state of Iran-US talks on the Strait of Hormuz and the nuclear file. Earlier that same morning, the dollar had traded at 249,980 tomans, meaning today's jump unfolded in under six hours.

Tehran's currency and gold market extended its rally on Tuesday, 7 Mehr 1405 (September 29, 2026). According to Donya-e-Eqtesad, Tether (USDT) jumped to a fresh record of about 248,000 tomans early this morning, a move that, absent any clear signal of easing political tension, weighed on gold and coin trading from the start of the session. Sahmino's own recorded data shows the uptrend continued through the day: the free-market dollar traded at about 249,500 tomans at 11:30, up nearly 2 percent on the day and roughly 8,000 to 9,000 tomans above Monday's (6 Mehr) range of 240,380 to 241,700 tomans. Tether stood at about 249,600 tomans at the same hour, up 2.14 percent on the day. The dollar's rise carried into gold and coin: the Emami coin traded at about 250,985,000 tomans (up 1.62 percent) and a gram of 18-karat gold at about 24,794,000 tomans (up 1.61 percent), while global spot gold rose a more modest 0.52 percent to $4,140.19 an ounce.

The Iran Exchange Center for Currency and Gold set every remittance currency higher for Monday, 6 Mehr 1405 (September 28, 2026). According to Mehr News Agency, the selling rate for the US dollar remittance rose 1,111 tomans to 172,851 tomans, and the buying rate rose 1,101 tomans to 171,295 tomans. The euro remittance selling rate rose 1,523 tomans to 197,154 tomans, the UAE dirham 424 tomans to 47,666, the Chinese yuan 164 tomans to 25,747, and the Russian ruble was set at 2,049 tomans. EcoIran reported the same dollar rate. On the same day the free-market dollar in Tehran traded at about 240,380 tomans (Donya-e-Eqtesad), leaving the free rate about 39 percent above the Exchange Center's dollar remittance selling rate.

The US dollar rose for a second straight day in Tehran's free market on Monday morning, 6 Mehr 1405 (September 28, 2026). According to Donya-e-Eqtesad, by around 11:30 the dollar had climbed above the previous day's closing rate to 240,380 tomans. Alanchand put the rate at 241,200 tomans at the same hour, up 5,150 tomans (2.18 percent) from Sunday, 5 Mehr, with a 24-hour high of 241,700. Sahmino's recorded prices showed the dollar at 240,500 tomans (2.34 percent above the previous day) and Tether (USDT) at about 242,000 tomans. The dollar's climb carried into gold and coins: the Emami gold coin was quoted at between 241.5 and 243 million tomans depending on the source, and a gram of 18-karat gold at about 24.1 million tomans, even though global spot gold fell about 3 percent over the same hours to $4,153 an ounce. Alanchand said the dollar is 4.33 percent more expensive than a week ago.

Mohammadreza Farshchian, head of the Iran Chamber of Commerce's import commission, told Mehr News Agency on Sunday, 5 Mehr 1405, that the central bank's new plans to replace currency allocation for some groups of goods, and to change how currency is supplied and allocated for others, had been reviewed at the chamber in the presence of a special assistant to the central bank governor. According to Farshchian, the plan may be put forward as a central bank proposal at the highest levels of government and could ultimately lead to a partial overhaul of how currency is supplied and allocated for the country's imports. Details of the plan and the groups of goods it would cover have not yet been announced. The review comes as the dollar remittance at the Iran Exchange Center for Currency and Gold was priced at 171,740 tomans for Sunday, 5 Mehr.

Iran's Exchange Center for Currency and Gold set the US dollar remittance rate for Sunday, 27 September 2026 (5 Mehr 1405), at 1,717,400 rials (171,740 tomans). According to the same announcement, published by Mehr News Agency, the euro remittance rate was set at 1,956,316 rials, the UAE dirham at 467,638 rials, the Chinese yuan at 255,838 rials and the Russian ruble at 20,362 rials. On the same day, according to Sahmino's data as of 11:30, the free-market dollar in Tehran was trading at 2,344,800 rials (about 234,500 tomans), up 0.51 percent, putting the open-market rate about 36 percent above the Exchange Center's remittance rate. The Exchange Center remittance rate is the basis for part of the imports and foreign currency obligations registered on official platforms, and its gap with the open market shapes the landed cost of imported goods and expectations in the currency market.

Iraq's government said it has reached an agreement with the United States to continue shipments of US dollar banknotes to the country, with a new consignment due to arrive in the coming days. Government spokesman Haider al-Aboudi told Iraq's official news agency on Saturday, 26 September 2026 (4 Mehr 1405), that the deal was reached during the Iraqi prime minister's visit to the United States; he did not give the value of the shipment or an exact delivery date. Mehr News Agency, citing Anadolu, and Donya-e-Eqtesad carried the report on Sunday, 27 September (5 Mehr). According to the spokesman, the agreement followed steps by Baghdad to tighten oversight of dollar distribution, curb misuse of foreign currency and expand electronic payments. Washington halted dollar shipments to Iraq in April, including one worth about $500 million, and Iraqi officials said part of the shipments resumed in July. The supply of physical dollars in Iraq, whose foreign reserves are held at the Federal Reserve Bank of New York, is one of the channels that shapes the dinar exchange rate and the Iran and Iraq border currency market.

The free-market US dollar traded in the 233,000-toman band on Saturday, September 26, 2026 (4 Mehr 1405). According to Boursenews, the rate was about 2,000 tomans lower than on Thursday, September 24, while the euro, the dirham and other currencies also moved. Sahmino's own price data recorded the latest US dollar rate at 19:59 on Saturday at 2,333,050 rials (about 233,305 tomans). EcoIran reported that during Saturday's trading the dollar climbed above 234,000 tomans but failed to break its all-time high, with news of Trump's rejection of Iran's seven-day plan the day's negative signal. The domestic Tether (USDT) rate stood at about 234,525 tomans on Sunday morning, September 27.

The yield on Japan's 10-year government bond rose as high as 3.121 percent in trading on Friday, 25 September 2026 (3 Mehr 1405), according to Reuters as reported by Mehr News Agency, a level not seen since 1996. Trading Economics also reported the yield near 3.1 percent that day, the highest since 1996, with a close of 3.07 percent, down 0.01 percentage point on the session and 1.41 points higher than a year earlier. The rise came alongside higher US yields: Reuters reported that the US 10-year yield briefly reached about 5.23 percent on Friday, its highest since 2007. Higher bond yields in major economies feed through borrowing costs and the global dollar into world gold prices, and from there into Iran's gold and currency markets.

Al Jazeera reported on Saturday, September 26, 2026 that Iraqi Prime Minister Ali al-Zaidi said this week the country has lost about $60 billion in oil revenue as a result of the US and Israeli war on Iran, having for a period been unable to export about 90 percent of its oil through its usual Persian Gulf routes. Oil provides more than 90 percent of Iraq's federal budget, and al-Zaidi described the country as facing "extraordinary economic challenges". The Central Bank of Iraq denied any currency shortage in a statement on Saturday, September 26, saying it holds sufficient foreign reserves to meet all demand for foreign currency, including import financing. The Iraqi dinar market is one of Iran's main currency and trade channels with its western neighbour, so pressure on it feeds into trade between the two countries.

Mehdi Darabi, the Central Bank of Iran governor's adviser for foreign exchange, said on Saturday, September 26, 2026 that since exporters were allowed to repatriate export earnings as physical banknotes, more than $1.5 billion has returned to the country through that channel in the first months of the scheme. Previously exporters could not bring their currency back in cash form. Darabi said direct currency trading between importers and exporters under Article 11 of the Seventh Development Plan law has grown from less than $1 million a day to more than $50 million a day, letting importers source currency for raw materials within one day without joining the allocation queue. He said that after the currency policy overhaul in Dey (December to January), repatriation of export earnings rose and the central bank's platforms at times recorded a surplus of currency supply. Banks can now use banknotes bought from exporters to finance imports.

According to Donya-e-Eqtesad citing The New York Times, traders in fed funds futures as of Saturday, 26 September 2026 put the probability at about 70 percent that the Federal Reserve will raise rates by another 25 basis points at its 27 and 28 October meeting, taking the policy range to 4 to 4.25 percent. Trading Economics puts the probability at around 66 percent. In September the Fed raised rates by 25 basis points for the first time since 2023, to 3.75 to 4 percent, and 16 of 18 officials projected at least one more hike this year. The expectation is driven by strong US data: private-sector activity in September hit a five-year high, and inflation remains elevated with oil above $100 and diesel prices rising. The US 10-year Treasury yield stood at about 5.17 percent on 25 September, near its highest level in roughly two decades. Higher US rates typically strengthen the global dollar and weigh on gold prices.

According to Donya-e-Eqtesad, citing Reuters, the US dollar index fell about 0.3 percent to 100.96 in trading on Friday, 3 Mehr 1405 (September 25, 2026), but after hitting a two-month high on Thursday it remains on course for a second straight weekly gain. Last week's tighter Federal Reserve policy, upbeat US economic data and the rise in long-dated Treasury yields to their highest in more than two decades have underpinned the move. The Japanese yen jumped after Japan's finance minister said Trump had voiced concern about the yen's weakness in a meeting with Japan's prime minister. According to Sahmino data, the dollar fell about 1 percent against the yen to 157.4 as of 19:30 Tehran time on Friday. The euro traded slightly higher at about $1.14, though Reuters said it was heading for a third straight weekly loss. A strong global dollar and high US yields are among the pressures on global gold, which is also heading for a weekly loss this week.

In its 25th open market operations auction, with results published from September 23, 2026, the Central Bank of Iran again stood on the liquidity-injection side of the interbank market. Under repurchase agreements it accepted 700 trillion rials of bids at a seven-day maturity and a minimum rate of 23 percent, while banks' submitted bids reached 4,174.9 trillion rials. In outright purchases it accepted all 20.6 trillion rials of bank bids, bringing the central bank's total purchases to 720.6 trillion rials. Banks also used the standing lending facility during the week ending September 21, with its value exceeding 455 trillion rials on one day. The facility's rate sits at the ceiling of the interest rate corridor, 24 percent. The wide gap between bids and accepted amounts shows banks' demand for liquidity remains high, a condition that feeds through to money market rates.

Iranian President Masoud Pezeshkian said in an interview with Fox News on the sidelines of the UN General Assembly, published early on Friday, September 25, 2026, that one of Iran's problems is that its money is blocked in China and that it cannot even move out the revenue from goods it exported there, let alone use those funds to pay another party elsewhere in the world. Pezeshkian also said Iran and Trump had reached an agreement that was signed and that Tehran still wants to continue on that path. According to Al Jazeera, he said on Thursday, September 24, that Iran wants the US to return to the Memorandum of Understanding by early November, before the midterm elections; Al Jazeera reports that the MoU lapsed in mid-August without a peace deal. China is Iran's largest trading partner, and access to export currency revenue is one of the main drivers of foreign currency supply in the domestic market.

Central Bank of Iran Governor Abdolnaser Hemmati said on Thursday, September 24, 2026, in remarks published by Mehr News Agency, that part of the foreign currency earned from non-oil exports has still not returned to the economy, and that the central bank, working with the judiciary, is pursuing its return so it can help supply goods the country needs this year. He said part of that currency has returned, and that "a significant figure, more than seven to 10 billion dollars" of it has been used for imports. Hemmati described this as part of the currency supplied for imports since the start of the Iranian year 1405 (March 2026), but gave no further detail on how much remains unrepatriated. Repatriated export earnings are one of the main sources of supply in Iran's currency market, and their volume affects rates in both the negotiated (tavafoghi) and free markets.

Abdolnaser Hemmati, governor of the Central Bank of Iran, on Thursday, September 24, 2026 responded to the British government's decision to tighten financial restrictions on five Iranian banks operating in the UK. According to IRNA, as republished by Donya-e-Eqtesad, Hemmati said some of these banks have had no Iran-related banking activity for years because of US sanctions, and described the move as falling in line with Washington's economic pressure policy. The governor added that the central bank itself had planned to impose restrictions on inactive Iranian bank branches abroad to cut their costs. The names of the five banks and the details of the British decision were not given in his remarks.

The Central Bank of Iran announced on Thursday, September 24, 2026 that the issuance of bank-certified ("ramzdar") cheques will be banned from Tuesday, September 29, 2026 (7 Mehr 1405), and that from that date banks may issue only guaranteed cheques to customers. According to IRNA, as republished by Donya-e-Eqtesad, the scheme aims to remove certified cheques from the banking system entirely and replace them with guaranteed cheques. The second stage takes effect on Tuesday, December 22, 2026 (1 Dey 1405): from then, certified cheques can no longer be deposited through the Chakavak clearing system, and any outstanding certified cheque will be paid only when the beneficiary goes to the issuing branch and completes the relevant forms. Guaranteed cheques are registered in the Sayad (Pichak) system, and the central bank has told banks to inform customers that these cheques can be looked up and verified, and to prevent unjustified returns.

Iran's Central Bank issued a notice announcing a new operating schedule for the Chekavak check clearing system, covering both regular and certified checks, effective Wednesday, Mehr 1, 1405 (September 23, 2026). Under the notice, the cutoff for submitting regular checks is 10:30, with status determination ending at 13:30. For certified and guaranteed checks, the submission cutoff is 11:30, with status determination ending at 12:30. The change follows circular No. 130283, dated Shahrivar 1, 1405, issued by the Central Bank's payment systems and new technologies deputy, under which certified checks will be separated from the regular check channel starting Mehr 7, 1405. The Central Bank stressed that operating hours for the SATNA real-time settlement system remain unchanged.

In Tuesday, September 22, 2026 trading, Sahmino's own price data showed the US dollar in Tehran's free market rising 1.8 percent to 234,960 tomans. At the same time, the Emami gold coin gained 1.72 percent to 238,005,000 tomans and 18 karat gold rose 1.27 percent to 24,008,000 tomans per gram, as of 11:29 Tehran time. The domestic gains came even as global gold fell. Mehr News reported global gold down 0.56 percent to 4,319 dollars an ounce, and Sahmino's live price feed showed a further slide to 4,300.70 dollars, down 0.94 percent, at 11:28 Tehran time, citing expectations that the US Federal Reserve will hold interest rates higher for longer. The domestic dollar's rise offset, and even reversed, the pressure that falling global gold would normally put on Tehran's coin and gold prices.

According to Donya e Eqtesad, citing the Financial Times, in a report published on September 20, 2026, Saudi Arabia has withdrawn from mBridge, the China led multilateral central bank digital currency project designed to create a dollar alternative for cross border payments. Saudi Arabia's central bank confirmed to the Financial Times in an official statement that the kingdom exited the project last year, a departure that had not previously been made public. Saudi Arabia joined the project in 2024 alongside China, Hong Kong, Thailand, the United Arab Emirates and the Bank for International Settlements, but has described its participation as limited to research on national digital currencies from the outset. The development comes as US President Donald Trump has threatened BRICS member states with 100 percent tariffs if they pursue alternatives to the dollar.

Iran's Central Bank announced in a circular that the translation rate for banks' foreign currency assets and liabilities in financial statements ending late Shahrivar 1405 (September 22, 2026) will be set based on the buy rate at the Iran Currency and Gold Exchange Center on the 31st of Shahrivar. According to Khabar Online's report on September 20, 2026, the exchange center's dollar buy rate currently stands at about 166,600 tomans, compared with just 69,215 tomans used for the Shahrivar 1404 financial statements a year earlier, a 141 percent increase over one year. The higher translation rate will directly affect banks' Shahrivar financial statements: banks holding more foreign currency assets than liabilities will see the rial value of those assets rise, allowing them to book translation gains.

According to Donya e Eqtesad, the free market US dollar traded higher today, Sunday, September 20, 2026 (29 Shahrivar 1405), reaching 232,030 tomans, up from the previous day. Sahmino's own data showed the rate at 232,115 tomans as of 11:30 a.m. that day, up 0.8 percent (18,400 rials) from the prior day; the negotiated dollar rate rose similarly to 232,105 tomans. The move extends the currency's upward trend of recent days.

Turkey's Banking Regulation and Supervision Agency, BDDK, in a decision dated September 18, 2026, decision No. 11572, published in the country's official gazette, revoked the operating license of Bank Mellat's central Istanbul branch. According to EcoIran, citing Fararu, on September 20, 2026 (29 Shahrivar 1405), the decision was made under Article 71 of Turkey's banking law, which allows license revocation under specific circumstances, including risk to depositor rights or the safety and stability of the financial system. Bank Mellat's Istanbul branch had operated since 1982 and was one of Iran's oldest banking presences in Turkey. The official text of the BDDK decision did not state a specific reason, and Reuters reported that Turkey's official notice did not cite US sanctions or operational problems as a direct cause.

According to Mehr News, on the first trading day of the week (Saturday, September 19, 2026), the US dollar's selling rate on the board of Iran's Currency and Gold Exchange Center rose 497 tomans from the last session of the previous week to 166,376 tomans, with the buying rate up the same amount to 164,879 tomans. The euro jumped 668 tomans to 190,726 tomans and the UAE dirham rose 134 tomans to 45,303 tomans. Meanwhile, according to Donya-e-Eqtesad, the free market dollar eased from the previous day to 228,270 tomans today, with the free market euro at 262,400 tomans, moving in the opposite direction from the official exchange center rates. Sahmino's own price feed recorded the free market dollar down 4,250 rials and the exchange center dollar transfer rate up 4,977 rials as of 11:29 today, consistent with both reports.

The Bank of England's Monetary Policy Committee voted 6 to 3 to hold Bank Rate at 3.75 percent at its meeting ending on 16 September 2026 (26 Shahrivar 1405); three members had favored raising it by 0.25 percentage points to 4 percent. The committee said protracted conflict in West Asia has driven crude and refined energy prices further above pre-conflict levels since the July meeting, and UK consumer price inflation rose to 3.1 percent in August. The statement said Ofgem's household energy price cap for October to December will rise to 1,723 pounds, with a further increase expected in the first quarter of 2027. According to figures cited in the statement, Brent crude had reached 106 dollars a barrel and UK wholesale gas 207 pence a therm by the close of business on 14 September 2026 (23 Shahrivar), up 36 percent and 78 percent respectively from levels before the July report. The committee also voted unanimously to reduce its stock of UK government bond holdings to zero through a multi-year plan, selling an average of 46 billion pounds a year through 2034.

The Bank of Japan raised its policy rate by 0.25 percentage points to 1.25 percent on Thursday, September 18, 2026 (27 Shahrivar 1405) Tehran time (Friday in Tokyo), the highest level in 31 years. According to Al Jazeera, it was the BOJ's first rate hike since its June meeting, and the central bank said the move aims to help counter inflation risks. Core consumer inflation in Japan held steady near the BOJ's 2 percent target in August, the report said, as companies continued passing higher food and grocery costs on to consumers. BOJ Executive Director Koji Nakamura said on Monday that a "slow moving demographic shock" and a shrinking labor pool are a structural factor lifting wages. Analysts said the US Federal Reserve's rate hike on Wednesday added pressure on the BOJ to keep pace; the BOJ's policy rate remains below the European Central Bank's 2.5 percent rate, set last week.

According to a report by Boursenews.ir published Thursday, September 17, 2026 (Shahrivar 26, 1405), a ceremony marking the start of subscription for Iran's first foreign-currency investment fund, named Mana Mellat, was held with Economy Minister Seyed Ali Madanizadeh, Bank Mellat CEO Farshid Farrokhnejad, and Securities and Exchange Organization chief Hojatollah Seydi in attendance. Madanizadeh said the fund could help channel some foreign-currency savings that had exited the economic cycle back into investment and production, and is meant to give investors a tool to manage foreign-exchange volatility risk. Farrokhnejad said Bank Mellat serves as the fund's registrar and foreign-currency operations manager and guarantees its liquidity, while Bank Mellat's investment banking arm manages the fund; the fund is structured as an open-end (issuance and redemption) vehicle, letting investors enter or exit without needing to find a buyer or seller in a secondary market. He said the fund's pooled resources could be used, through instruments such as foreign-currency murabaha bonds, to finance export-oriented projects and provide working capital to export-focused manufacturers. Parallel reports from Donya-e-Eqtesad and Ecoiran said this marks the first time the dollar has entered Iran's capital market through an official, exchange-regulated instrument.

Tehran's free market dollar rate fell from the previous day to 229,090 tomans on Thursday, September 17, 2026 (26 Shahrivar 1405), according to Donya-e-Eqtesad. Sahmino's own pricing data, recorded at 11:29am the same day, put the dollar at 228,700 tomans, down 0.79 percent day over day. The dollar's recent decline has coincided with lower toman prices for domestic gold and coins, even as the global per ounce gold price rose over the same period. Currency market volatility in recent weeks has been shaped by regional developments, including Strait of Hormuz tensions and Persian Gulf oil export disruptions.

The White House and US President Donald Trump reacted on Wednesday, September 16, 2026, hours after the Federal Reserve raised its target interest rate by 25 basis points to a range of 3.75 to 4 percent. White House senior spokesperson Kush Desai told Fox News the decision was wrong, saying the administration saw no convincing economic justification for it. Desai said current US inflation stems from an energy supply shock and the ongoing war in the Middle East, not factors tied to interest rates. Trump, in a separate reaction, said the US interest rate should be one percent or lower. Fed Chair Kevin Warsh, at a press conference following the decision, declined to directly address a question about the White House's reaction, saying he had nothing to say on the matter.

The US Federal Reserve raised its target interest rate by 25 basis points to a range of 3.75 to 4 percent in a unanimous vote at the end of its two day Federal Open Market Committee (FOMC) meeting, concluded on Wednesday, September 16, 2026. It was the Fed's first rate hike since July 2023 and the first under Chair Kevin Warsh. The Fed cited elevated August core inflation and rising energy prices linked to military tensions in the Middle East as the main reasons for the move. New committee projections show 16 of 18 Fed officials expect at least one more rate increase by the end of 2026, with the median forecast putting the year end rate at 4 to 4.25 percent. The Fed also pushed back its forecast for inflation returning to the 2 percent target to 2029 and raised its 2026 inflation forecast to 3.7 percent. Markets reacted immediately: the two year Treasury yield rose to about 4.71 percent and the ten year yield climbed back above 5 percent. The S&P 500 and Nasdaq fell as much as 1.3 and 1.4 percent respectively in early trading before paring some losses. Global gold prices dropped more than 2 percent to around 4,260 dollars an ounce following the decision.

Iran's Central Bank said on Wednesday, September 16, 2026 (25 Shahrivar 1405), that reported plans by the Iran Mercantile Exchange to design and issue FX forward bonds have no legal basis. According to Tasnim News Agency, relayed by Donya-e-Eqtesad, the Central Bank noted that under clause (h) of Article 44 of the Central Bank Law, approving regulations governing the issuance of FX-based financial instruments and currency derivatives falls exclusively under the authority of the Central Bank's Supreme Council, and any such move must follow that council's approvals and the legally prescribed procedures. The Central Bank also stressed it currently has no plan to develop or issue FX debt instruments such as FX forward bonds in the capital market.

Tehran's currency and gold markets continued trading on Wednesday, September 16, 2026 (25 Shahrivar 1405) with participants watching for the US Federal Reserve's interest rate decision, due in the coming hours. According to EcoIran, the free market dollar fell 1,000 tomans (about 0.43 percent) from the previous day to 230,000 tomans, and the euro dropped 1,000 tomans to 265,000 tomans; by contrast, the NIMA transfer dollar rose 495 tomans to 165,383 tomans, and tether fell 400 tomans. Meanwhile global gold rose about 1.6 percent to around $4,350 an ounce; Trading Economics put the figure at $4,341.51, up 1.15 percent from the previous day. Iran's domestic gold and coin prices moved in the same direction: the Emami coin gained 2.2 million tomans to reach 233.2 million tomans, and 18 karat gold rose 314,000 tomans per gram to 23,489,000 tomans. EcoIran said the market was simultaneously affected by tension in the Strait of Hormuz and remarks by the US vice president about the Iran-US war entering a new phase, without receiving a one-directional signal.

The euro fell to its lowest level since mid-August against the dollar on Wednesday, September 16, 2026 (25 Shahrivar 1405), trading around $1.1548, up 0.04 percent on the day but down 0.28 percent over the past month and 2.34 percent over the past year. According to Trading Economics, the dollar firmed ahead of a widely expected Federal Reserve rate hike on Wednesday, while rising global oil prices, driven by the intensifying war in the Persian Gulf, added further pressure on the euro. The European Central Bank raised rates last week and signaled further tightening could follow. Trading Economics forecasts the euro at $1.16 by the end of this quarter and $1.18 in 12 months.

US Treasury Secretary Scott Bessent said on Tuesday, September 15, 2026 (Shahrivar 24, 1405), that he will meet Chinese Vice Premier He Lifeng this weekend, days ahead of a meeting between the two countries' top leaders, to discuss several issues including Iran sanctions. The report was published by Iran's Ecoiran news outlet on September 16, 2026 (Shahrivar 25, 1405). The report gave no further detail on the meeting's agenda or on the likelihood of new Chinese sanctions against Iran.

More than 10 major Wall Street banks, including Goldman Sachs, JPMorgan and Morgan Stanley, expect the Federal Reserve to raise interest rates by 25 basis points at its meeting on Wednesday, September 16. According to the CME FedWatch tool, markets are pricing an 87.3 percent probability of the hike. A similar tool on Investing.com showed a 91.8 percent probability of the rate reaching the 3.75 to 4 percent range as of 11:35am ET on Tuesday, September 15, up from 89.5 percent the previous day. A 0.3 percent rise in core consumer prices in August and oil climbing back above 100 dollars have also pushed banks such as Barclays, Citigroup and Bank of America toward expecting tighter policy. Kevin Warsh, a former Federal Reserve governor, had earlier warned at the Jackson Hole symposium that more action would be needed if underlying inflation did not return to target quickly.

Iran's free market dollar rose about 4,500 tomans (1.9 percent) on Monday, September 14, 2026 (23 Shahrivar 1405), climbing from around 232,000 tomans at the morning open to 234,000 tomans by late trading. According to Ecoiran, the main driver was the announced postponement, at Saudi Arabia's request, of a planned Iran Oman meeting, which combined with ongoing regional tension and concern over ship traffic through the Strait of Hormuz to lift currency market risk. The euro rose 1,000 tomans to 269,000 tomans and the UAE dirham gained 900 tomans to 63,600 tomans. Data from price tracker tgju.org confirmed the same upward move: the dollar traded at 2,343,150 rials, up 57,150 rials (2.27 percent) from the previous day; price site alanchand.com separately put the dollar's sell rate at 234,200 tomans. In global markets, however, spot gold fell to $4,296 an ounce under pressure from rising oil prices and bets on a Federal Reserve rate decision due Wednesday. As a result, even as the dollar rose, Tehran's Emami gold coin fell to 234,700,000 tomans and 18 karat gold dropped 108,000 tomans to 23,503,000 tomans a gram.

According to EcoIran, data released by the US Bureau of Labor Statistics on Friday, September 11, 2026 (20 Shahrivar 1405), showed the US consumer price index rose 0.4 percent month on month in August, with annual inflation holding steady at 3.4 percent. Core inflation, which excludes volatile food and energy prices, rose 0.3 percent on the month, its largest monthly increase since April, even as the annual core rate eased from 2.5 to 2.4 percent. Markets reacted quickly: futures traders had priced roughly a 72 percent probability of a Federal Reserve rate hike at the September 15 to 16 meeting before the data, rising to a range of 85 to 87 percent afterward. The Fed has held rates steady in a 3.5 to 3.75 percent range for five consecutive meetings this year, though three Federal Open Market Committee members dissented in July, calling for a hike. Fed Chair Kevin Warsh said in a Jackson Hole speech that the central bank's main focus must be controlling inflation, while US President Donald Trump has repeatedly called for lower rates. These developments matter for Iran's market: the path of US interest rates and dollar strength influences global gold prices, capital flows into the region's oil economies and, ultimately, the free market exchange rate at home.

According to Donya-e-Eqtesad, citing Bloomberg, the yield on the US ten-year Treasury note has climbed to 4.97 percent as Wall Street traders raise their expectations of another Federal Reserve rate increase. Bloomberg Economics, using the New York Fed's own analytical framework, estimates the US real natural interest rate reached about 2.6 percent in the second quarter of 2026, equivalent to a nominal ten-year yield of about 4.7 percent once inflation is factored in, up sharply from a low of just 1.6 percent between 2010 and 2015. Following the data, US President Donald Trump renewed pressure on the central bank, urging Kevin Warsh, his pick to chair the Federal Reserve, to move to lower borrowing costs. Bloomberg Economics attributes the rise in the natural rate to structural shifts, including declining savings among America's aging population and reduced Chinese purchases of Treasury bonds, concluding that borrowing costs are unlikely to return to their old lows even if tensions in the Persian Gulf ease.

According to Donya-e-Eqtesad, citing the Financial Times, BRICS members' domestic instant payment systems have processed more than $10 trillion in transactions over the past eighteen months through September 2026. India's UPI, with over 550 million active users, and Brazil's Pix, with over 170 million active users, are the two leading networks, and both have begun talks to connect directly with other countries' central banks. Official data show Pix processed more than $6.8 trillion last year and UPI about $3.4 trillion in the year to March 2026, with UPI alone handling 30 trillion rupees, about $315 billion, in transactions in August 2026. The European Central Bank is piloting a project to link its own instant payment system, TIPS, with India's UPI in the first half of next year. However, one BRICS diplomat said integration of these systems remains at an early stage, with progress depending on private sector interest and persistent trade imbalances among members, such as India's rupee settlement for Russian oil imports.

The free market dollar rate in Iran fell today, Sunday September 13, 2026 (22 Shahrivar 1405), compared to the previous day, reaching 233,260 tomans. According to Donya e Eqtesad, the NIMA remittance dollar rate rose at the same time from 163,413 to 163,903 tomans, while the free euro also traded lower. Sahmino's own data showed the dollar rate down 1.61 percent (37,000 rials) from the previous day to 2,302,000 rials as of 11:29am today. The dollar's decline came as Tehran's stock market extended its rally.

According to CME FedWatch data reported by Arzdigital on Saturday, September 12, 2026 (21 Shahrivar 1405), the probability of a US Federal Reserve interest rate increase at its upcoming meeting (September 15 and 16, or 24 and 25 Shahrivar) has risen to about 86.9 percent. The hawkish shift runs counter to President Donald Trump's pledge when he replaced Jerome Powell with Kevin Warsh as Fed chair in May, promising rate cuts toward near 1 percent; Warsh has not cut rates since taking office. Per Arzdigital, August US inflation data, including a 0.3 percentage point rise in monthly core inflation and a 3.9 percent jump in gasoline prices, have reinforced expectations of tighter policy, with UBS analysts now expecting two rate increases this year. Tressis chief economist Daniel Lacalle criticized the shift, warning that raising rates now works against both of the Fed's mandates of price stability and maximum employment.

Iran's free market dollar rate, which had eased 0.33 percent to 234,770 tomans by 11:29am today, Saturday, 21 Shahrivar 1405 (September 12, 2026), reversed course in the afternoon. According to Donya-e-Eqtesad, it reached 236,090 tomans by 1:41pm and 236,540 tomans by 2:29pm. Ecoiran reported the dollar returning to the 236,100 toman level later in the session, up about 2,910 tomans since Wednesday's close of 233,190 tomans. Per Ecoiran, the swing came amid conflicting signals: on one side, President Pezeshkian's comments on ending the war and the Iran Oman agreement on the Strait of Hormuz set to be signed Monday, 23 Shahrivar (September 14); on the other, the temporary closure of the Shalamcheh and Chazzabeh border crossings and concerns over new US sanctions on Iran expected to be announced Monday. The euro also rose 1,000 tomans today to 271,000 tomans.

Iran's Central Bank said on Saturday, 21 Shahrivar 1405 (September 12, 2026), that over the past month it referred the cases of 271 individuals, involved in a combined 300 trillion tomans (300 hemmat) of suspicious transactions that disrupted the country's monetary and currency system, to judicial authorities for prosecution. According to the statement, the Central Bank, working with the Ministry of Economic Affairs and Finance and other regulatory and judicial bodies, monitors suspicious banking transactions, and as a first step, under clause (b) of Article 42 of the Central Bank Law, referred the identities of individuals suspected of disrupting the currency and precious metals market to the Prosecutor General. It also said that, under clause (a) of the same law, the accounts of individuals suspected of money laundering were frozen after confirmation from the Financial Intelligence Unit, with severe banking restrictions imposed on them. The Central Bank added that cash penalties were imposed on 10 banks this month, and the violation files of some non compliant banks were referred to the banking disciplinary board.

According to Donya-e-Eqtesad, published at 11:20am today, Saturday, 21 Shahrivar 1405 (September 12, 2026), Iran's free market dollar rate eased today to 234,770 tomans. Per Sahmino's own price data, the dollar rate stood at 2,352,000 rials (235,200 tomans) as of 11:29am, down 7,750 rials (0.33 percent) from the previous day; the negotiated dollar rate traded at a similar decline. The pullback came on a day when global oil remained above $100 a barrel and Iran-US military tension around the Strait of Hormuz continued, even as President Pezeshkian said this morning that an agreement to reopen the Strait of Hormuz is set to be signed in Muscat on Monday.

According to the US Bureau of Labor Statistics' Consumer Price Index report, released Thursday, 20 Shahrivar 1405 (September 11, 2026), US annual inflation held steady at 3.4 percent in August, but the monthly CPI rose 0.4 percent, a marked acceleration from July's 0.1 percent gain, driven largely by higher gasoline prices. According to Arzdigital, core inflation, which excludes food and energy, eased on an annual basis to 2.4 percent from 2.5 percent, though its monthly increase of 0.3 percent came in above the market's 0.2 percent forecast. The data was released ahead of the Federal Reserve's Federal Open Market Committee meeting on September 15 and 16, with current market pricing pointing to a 0.25 percentage point rate increase at that meeting.

According to The Motley Fool, the CME Group's FedWatch tool, which is based on Fed funds futures pricing, put the probability of a 25 basis point rate hike at the Federal Reserve's September 16, 2026 (25 Shahrivar 1405) FOMC meeting at 60.6 percent as of the morning of September 8, up from just 44.4 percent on August 7. The probability of a rate hike by year end, at the September 16, October 28 or December 9 meetings, has also risen from about 77 percent on August 7 to above 85 percent. The shift followed the September 4 US jobs report, which showed 162,000 jobs added in August with unemployment holding at 4.1 percent; US inflation had reached a three year high of 4.2 percent in May. The sharper jump in rate hike odds came after Fed Chair Kevin Warsh's August 28 speech at the Jackson Hole symposium, where he said for the first time that inflation must return to the Fed's long run 2 percent target "at sufficient speed."

According to Shafaq News, the US dollar eased slightly against the Iraqi dinar in early Thursday trading in Baghdad and Erbil on September 10, 2026 (19 Shahrivar 1405), settling around 156,000 dinars per 100 dollars, down from Wednesday's rate of 156,200 dinars. Baghdad's Al Kifah and Al Harithiya central exchanges quoted the dollar at 156,000 dinars. At Baghdad exchange shops, the dollar sold for 156,500 dinars and was bought for 155,500 dinars. In Erbil, the selling price stood at 155,900 dinars and the buying price at 155,800 dinars per 100 dollars. That rate remains well above the Central Bank of Iraq's official peg of 131,000 dinars per 100 dollars. According to IraqiNews, the parallel market rate has been on an upward path in recent weeks and crossed the 156,000 dinar threshold for the first time on Wednesday across all three trading hubs of Baghdad, Basra and Erbil. The stability or further weakening of the Iraqi dinar matters for Iran's economy, since Iraq is one of Iran's main channels for trade and informal currency transfers.

According to Sahmino's own live data, Iran's free market US dollar rose about 0.9 percent from the previous day to reach 234,800 tomans by 11:30 Tehran time on Thursday, September 10, 2026 (19 Shahrivar 1405), while the full Emami gold coin gained about 0.8 percent to around 244 million tomans. The moves extend Wednesday, September 9's rally, when the dollar had reached 232,700 tomans and the Emami coin about 242 million tomans. Alanchand.com, updated at the same 11:30 hour, put the free market dollar's sell rate at 235,800 tomans and its buy rate at 233,450 tomans. Donya-e-Eqtesad reported in an article published at 11:24 Tehran time that the dollar had reached 234,980 tomans and that gold and coin prices kept climbing. The global gold ounce traded around 4,412 dollars in the same window, close to its multi-week highs.

Tehran's currency and gold markets set fresh records on Wednesday, September 9, 2026 (18 Shahrivar 1405), as of 19:30 Tehran time. According to Sahmino's own live data, the free market dollar rose about 2.7 percent from the previous day to 232,700 tomans, while the full Emami gold coin gained nearly 3 percent to reach 241,995,000 tomans. The global gold ounce also rose about 1 percent to 4,400.29 dollars. According to Donya-e-Eqtesad, the simultaneous jump in the dollar, euro and dirham, alongside global gold's move into the 4,400 dollar range, has put both gold and the coin on track for fresh historic highs. The rise extends the upward move seen earlier the same day, when the dollar had been trading around 229,700 tomans, and comes as military tensions between the United States and Iran escalate in the Strait of Hormuz and along Jordan's border.

Tehran's currency and gold markets trended higher on Wednesday, September 9, 2026 (18 Shahrivar 1405), through 11:29 Tehran time. According to live tgju.org data, the free market dollar rose about 30,050 rials (1.33 percent) from the previous day to 229,705 tomans, while the euro gained 1.56 percent to 268,400 tomans. At the same time, the full Emami gold coin rose 4,990,000 tomans (2.12 percent) to 239,985,000 tomans, and the global gold ounce gained 1.22 percent to 4,411.61 dollars. The rise came alongside escalating regional tensions, including sharply intensified fighting between Saudi Arabia and Yemen's Houthi forces, which Riyadh said on Tuesday had wounded at least 73 people, and a statement from Iran's IRGC Navy that it had seized an unmanned American submersible in the Strait of Hormuz.

Abdolnasser Hemmati, governor of the Central Bank of Iran, said in remarks carried by ISNA and reported by Donya-e-Eqtesad on Wednesday, September 9, 2026 (18 Shahrivar 1405), that the launch process for the country's first foreign currency investment fund has been finalized. He said preparations for the fund, aimed at attracting foreign currency resources and channeling them into financing economic activity and export generating projects, are complete, and subscription will begin next week. Hemmati explained that holders of foreign currency can invest their funds in the vehicle without converting them to rials, receiving investment units in return; unit issuance and redemption will also be denominated in foreign currency, and investors will receive the value of their units in foreign currency upon exit. He added that the central bank is simultaneously easing mechanisms for transporting, delivering and storing foreign banknotes to facilitate inflows into these funds.

The Tehran free market dollar rate and the Emami gold coin price climbed further on Tuesday, 17 Shahrivar 1405 (September 8, 2026), compared with figures reported earlier the same morning. Live data from the TGJU financial information network showed the free dollar up 1.52 percent to about 225,470 tomans at 15:25 local time, while Sahmino's own tracked data recorded a 1.83 percent rise to about 226,170 tomans at 15:56. Ecoiran reported the dollar up 1.3 percent to 227,000 tomans and the Emami coin up 1.6 percent, or 3,800,000 tomans, to 232,800,000 tomans over the same window, and Donya-e-Eqtesad had put the dollar at 227,420 tomans in a report timestamped 14:44. These readings mark a clear rise from the roughly 223,700 to 223,970 toman range reported earlier the same morning. According to Ecoiran, the rise coincided with global oil prices nearing 100 dollars a barrel following a reported attack on a Saudi oil facility, and with the second day of the International Atomic Energy Agency Board of Governors meeting in Vienna, which has raised market expectations of intensified pressure on Iran. Iran's central bank separately said it will offer 100,000 gold coins on the Iran Mercantile Exchange on Wednesday, 18 Shahrivar, to help prevent speculative swings in the market.

The free market US dollar rate fluctuated in a narrow band in Tehran on Tuesday, September 8, 2026. Donya-e-Eqtesad reported the dollar at 223,970 tomans at 11:23 local time, describing it as down from the previous day. Over the same window, live data from the TGJU financial information network at 11:25 showed the dollar up 0.72 percent, about 1,600 tomans, to near 223,700 tomans, and Sahmino's own tracked data recorded a matching 0.71 percent rise at the same time. The euro, per TGJU, rose 0.62 percent to 260,410 tomans and the British pound rose 0.66 percent to 303,390 tomans.

The Japanese yen jumped 1.4 percent to its highest level since February 2026 as trading volumes thinned around a US public holiday, Donya-e-Eqtesad reported, citing Bloomberg, on Monday, September 7, 2026 (16 Shahrivar 1405). The dollar yen rate fell to 154.06, breaking below the 155 level that had previously served as a floor for the currency following a joint currency intervention by the Bank of Japan and the US Treasury. The move followed the yen's drop to 160.39 per dollar last week. TradingEconomics data the same day put the dollar yen rate at 154.37, down 1.21 percent from the previous session, consistent with the strengthening trend reported by Donya-e-Eqtesad; that report also noted Japan's foreign exchange reserves fell by a record 79.6 billion dollars in August, following the country's largest ever yen buying intervention. Per Donya-e-Eqtesad, Masahiko Loo, senior strategist at State Street Investment Management, called the break below 155 a significant event, adding that rising expectations of a Bank of Japan interest rate hike were the main driver of the shift in market sentiment toward the yen.

According to Donya-e-Eqtesad, citing Bloomberg, Turkey's government lowered its 2027 GDP growth forecast to 4.2 percent from 4.3 percent and its forecast for the current calendar year to 3.3 percent from 3.8 percent, in a medium term economic program through 2029 unveiled on Sunday, September 6, 2026 (15 Shahrivar 1405). Turkish Vice President Cevdet Yilmaz announced the targets at a news conference, and central bank governor Fatih Karahan said the main reason for the deviation from earlier estimates was the war in West Asia and the resulting jump in energy prices. Under the program, the end of 2027 inflation target rose to 21 percent, up from the government's earlier 9 percent forecast and the Turkish central bank's previous 15 percent estimate. Turkey's annual consumer price growth eased to 31.5 percent in August, and the central bank, which had paused rate cuts after the war began, reversed course in August by raising its policy rate back to 37 percent. The 2027 budget deficit forecast was also raised to 3.5 percent of GDP from a previous 3.1 percent.

Tehran's currency and gold market opened lower on the morning of Sunday, September 6, 2026 (15 Shahrivar 1405), with the dollar retreating from the 230,000 toman channel to trade around 225,000 tomans, according to Ecoiran, alongside a simultaneous pullback in coin and melted gold prices. According to Sahmino's own live price data, the free market dollar stood at 224,700 tomans (2,247,000 rials) at 3:59pm the same day, down 1.11 percent from the previous day, a figure consistent with Ecoiran's report of the retreat. The pullback came just a day after stocks, the dollar and gold had all rallied together in Saturday, September 5 trading, when the dollar had set a same day record of 227,000 tomans.

According to Donya-e-Eqtesad, citing EqtesadNews, the US dollar on Iran's free market kept climbing on Saturday, September 5, 2026 (14 Shahrivar 1405), reaching 227,130 tomans at 3:53pm Tehran time. Per the outlet's successive reports, the dollar stood at 223,240 tomans at 11:29am, rose to 224,490 tomans by 12:37pm, and reached 226,110 tomans by 2:14pm, meaning it added nearly 4,000 tomans, about 1.7 percent, in under five hours. The acceleration came almost simultaneously with news, published around 12:29pm, that an Iranian tanker had been struck by the US military near Kharg Island. Sahmino's own live price data showed the dollar at 225,770 tomans at 4:04pm, up 2.13 percent from the prior day, consistent with the reported upward trend. The dollar has now risen more than 6,000 tomans, about 2.8 percent, from Thursday's last recorded rate of 221,000 tomans.

According to Al Jazeera, the Philippine peso hit an all time low of 62.71 to the US dollar on Friday, September 4, 2026 (13 Shahrivar 1405). Per the report, the currency has lost about 6 percent of its value against the dollar since the start of the calendar year, after earlier hitting a record low of 61.847 on July 24. Al Jazeera attributed the peso's decline to a mix of domestic and international factors: before the war, the Philippines imported nearly all its oil from the Persian Gulf, and in March, Manila declared a state of national emergency after Iran's closure of the Strait of Hormuz disrupted its oil supply. Rising global oil prices have forced Philippine importers to convert more pesos into dollars to buy dollar priced crude. Philip McNicholas, Asia sovereign strategist at Robeco Singapore, said the country's twin fiscal and trade deficits, combined with elevated inflation, have left the currency vulnerable to swings in global risk sentiment.

According to Donya-e-Eqtesad, citing EqtesadNews, the US dollar on Iran's free market rose on Saturday, September 5, 2026 (14 Shahrivar 1405), reaching 223,240 tomans, a notable increase from Thursday's last recorded rate of 221,000 tomans. Sahmino's own live price data showed the dollar at 223,820 tomans as of 11:29am Tehran time, consistent with the reported figure and up about 1.25 percent from the prior day. Market analysts have linked the dollar's latest jump mainly to escalating Iran-US military tension and a fresh New York Times assessment that Iran is unlikely to accept Washington's terms before US midterm elections.

The US Treasury sanctioned Istanbul based Golden Global Bank on Friday, 13 Shahrivar 1405 (September 4, 2026), according to Khabaronline and Donya e Eqtesad, both citing the New York Post. The Treasury alleged the bank and its subsidiaries moved tens of millions of dollars tied to Iranian oil sales to China, funneling the proceeds to the Islamic Revolutionary Guard Corps Quds Force through an exchange network known as Rahbar. Per the report, Golden Global Bank, founded in 2019 and describing itself as Turkey's first interest free investment bank, is the country's 35th largest bank with about 517 million dollars in assets. John Hurley, the Treasury's acting under secretary for terrorism and financial intelligence, said the institution had received repeated prior warnings. Treasury Secretary Scott Bessent said the effort will continue until the international community stops supporting Iran. The Treasury said this marks its first direct sanction of a Turkish bank and has cut the bank's access to the international financial system.

Abdolnaser Hemmati, governor of Iran's Central Bank, said on Friday, 13 Shahrivar 1405 (September 4, 2026), according to Khabaronline (citing Tasnim), that despite wartime conditions and severe external restrictions, financing of import currency has fallen only 15 percent from the same period last year, partly reflecting a drop in import volumes. He said the central bank has strengthened its reserve position during this period and has sufficient resources to keep covering the country's trade needs under upcoming scenarios. Hemmati stressed the central bank will not stand by in the face of abnormal currency market swings and will intervene forcefully and in a timely manner, using its foreign currency capacity and available tools, wherever rates diverge from economic fundamentals. He announced the launch of a "coin option" instrument in the coming days as a new tool to hedge risk, saying further instruments would be activated depending on market conditions.

The US Mint announced that $1 coins bearing the image of President Donald Trump have entered circulation, a step not taken for any living US president in the past century. According to Ecoiran, citing ISNA, the coins are not made of real gold but carry a gold-colored manganese brass coating and were struck at the Philadelphia Mint; the Mint has not disclosed the total number produced but said 250,000 of them carry a special "Fourth of July" mark. The Trump administration has cited the "Redesign of Circulating Collectible Coins Act," passed in 2020, to work around the general ban on depicting living presidents on US currency. The last time a living US president's image was struck on a US coin was a century ago, marking the country's 150th anniversary of independence, with an image of Calvin Coolidge. Members of the bipartisan Citizens Coinage Advisory Committee, which advises the Treasury Department, said the coin was not submitted to them for review before production.

Canadian Prime Minister Mark Carney said on Thursday, September 3, 2026, amid a tariff war between Canada and the United States, that unelected, appointed US officials have no standing to comment on Canadian policy. According to Ecoiran, citing ISNA, the remarks came in response to comments last week by US Commerce Secretary Howard Lutnick, who claimed Canada withdrew from a trade deal with the US late last month "for political reasons." Canada and the US failed to reach a trade agreement after weeks of intensive negotiations over the summer, after which President Donald Trump's new 50% tariffs took effect on billions of dollars of Canadian goods covered by the Canada-US-Mexico trade agreement. Carney said Canada will impose retaliatory tariffs on nearly $28 billion of US goods starting September 8, 2026.

Federal Reserve Board member Christopher Waller said on Thursday, September 3, 2026 (12 Shahrivar 1405), that if August inflation data shows the cooling trend continuing, he is prepared not to back a rate hike at the Fed's September meeting and to hold policy at its current level. According to Ecoiran, Waller acknowledged inflation remains above the Fed's 2 percent target but said a 25 basis point hike at a single meeting would do little to bring inflation to target while carrying real costs for the economy. Following his remarks, the odds of a rate hike priced into the FedWatch tool fell from about 60 percent to around 50 percent. Waller cautioned the outcome is not yet settled: weekly US jobless claims rose to 206,000, slightly above forecasts, and the US nonfarm payrolls report is due tomorrow, Friday, September 4 (13 Shahrivar). Markets are also awaiting remarks from Cleveland Fed President Beth Hammack, which could push rate hike odds back above 50 percent. Arzdigital also covered Waller's comments, noting the final decision hinges on economic data released before the September meeting.

According to Ecoiran, the Japanese yen strengthened more than 1.5 percent against the US dollar for a second straight day on Thursday, September 3, 2026 (12 Shahrivar 1405), with the dollar yen rate falling to 156.26, the yen's highest level in about a month. Sahmino's own live data showed the dollar yen rate at 155.82 as of 15:55 Tehran time, down 1.84 percent from the start of today's trading, consistent with the yen's strengthening trend. Ecoiran, citing Bloomberg, reported that the Bank of Japan is leaning toward a 25 basis point rate hike at its two day meeting ending September 18, in response to rising price risks. BOJ Governor Kazuo Ueda had earlier said the bank would debate a possible rate increase at its September meeting.

According to Ecoiran, the free market dollar rate in Iran rose on Thursday, September 3, 2026 (12 Shahrivar 1405), crossing 221,000 tomans. The euro traded at 257,720 tomans and the UAE dirham at about 60,388 tomans in the same market. Sahmino's own live data showed the dollar at 220,500 tomans as of 15:59 Tehran time, up about 0.27 percent from the start of today's trading. The dollar's rise came alongside global gold climbing above 4,448 dollars an ounce and gains in domestic gold and coin prices, a move traders linked to escalating Iran-US military tension and inflation expectations.

Trading on the board of Iran's Currency and Gold Exchange Center saw a mixed picture on Wednesday, September 2, 2026 (11 Shahrivar 1405), according to Boursenews: gains for trade and regional currencies against a relative pullback in the basket of major international currencies. The sell rate for US dollar remittances rose 209 tomans to 159,355 tomans, with the buy rate recorded at 157,920 tomans. Alongside the dollar, the UAE dirham's sell rate rose 57 tomans to 43,391 tomans, with its buy rate set at 43,000 tomans. The Chinese yuan rose 35 tomans to 23,710 tomans, and the Indian rupee rose 7 tomans to 1,679 tomans. In contrast, the euro's sell rate fell 155 tomans to 184,723 tomans, with its buy rate at 183,061 tomans; the Japanese yen (per 100 units) fell 57 tomans to 99,571 tomans and the South Korean won (per 1,000 units) fell 190 tomans to 116,117 tomans. The exchange center's rates, also known as the agreed rate (dollar tavafoqi), are calculated separately from the free market dollar rate, which crossed 220,000 tomans today.

New Zealand's central bank raised its interest rate by 25 basis points to 2.75 percent on Tuesday, September 1, 2026 (10 Shahrivar 1405). Per Ecoiran, European Central Bank governing council member and Bundesbank president Joachim Nagel said the same day the ECB will raise rates next week, with eurozone inflation running at 3.3 percent. In the US, the 10-year Treasury yield rose 16 basis points to 4.812 percent, while in Japan, Bank of Japan board member Hajime Takata said an interest-rate increase larger than 25 basis points is possible at the bank's next meeting.

Iran's free-market dollar rate extended its climb on Wednesday, September 2, 2026 (11 Shahrivar 1405), touching the 220,000-toman mark. Donya-e-Eqtesad reported the rate at 220,230 tomans at 14:26 Tehran time. Sahmino's own live data showed it at 220,200 tomans (up 2.9 percent on the day) as of 15:59, while tgju.org recorded the dollar above 218,000 tomans around the same window. The jump coincided with intensifying Iran-US military tension and a decline in Tehran's stock index in today's session.

Iran's free-market dollar rate extended its climb on Wednesday, September 2, 2026. Donya-e-Eqtesad reported (11:27 Tehran time) the dollar rose from the previous day to 216,390 tomans. Sahmino's own live data and tgju.org showed the move accelerating through the session, with the dollar up 1.54 percent (33,000 rials) to 2,173,000 rials (217,300 tomans) as of 11:29 Tehran time. The jump coincided with intensifying Iran-US military tension and a decline in Tehran's stock index.

US Treasury Secretary Scott Bessent said Tuesday, September 1, 2026, on the sidelines of the G20 finance ministers' meeting in North Carolina, that Washington is likely to announce a new bank sanction against Iran this week, with another to follow the week after. He described the goal as economically "asphyxiating" Iran's leadership, saying the Treasury is now using five new authorities across digital assets, aviation and maritime sectors, including the shutdown of a Dubai branch of an Egyptian bank he said had funneled more than 1.8 billion dollars to Iran. Citing the rial's fall from roughly 800,000 to the dollar in spring 2025 to more than 2 million now, Bessent said the campaign is coordinated with the EU, the European Central Bank, the UK, the UAE and Bahrain.

The US dollar set an unprecedented record in Tehran's free market on Tuesday, 10 Shahrivar 1405 (September 1, 2026). According to Donya-e-Eqtesad, the dollar reached 213,770 tomans at 1:08pm local time, the latest point in a steady climb that began at 211,210 tomans at 11:28am and reached 212,220 tomans by 12:20pm. At the same time, the pricing site Tgju.org put the live dollar rate at 213,400 tomans, up 4,100 tomans from yesterday's previous record of 209,300 tomans, with today's session high at 213,620 tomans; Alanchand.com reported the dollar reaching 214,700 tomans at 4:05pm, up 3,600 tomans (1.71 percent) from yesterday's rate of 211,100 tomans. Sahmino's own price data showed the dollar trading at 213,690 tomans at 3:59pm, up 2.1 percent on the day, consistent with the figures reported by all three sources. Today's jump coincided with escalating political tension between Iran and the United States. According to Ecoiran, Iranian President Masoud Pezeshkian, on the sidelines of the Shanghai Cooperation Organisation summit in Kyrgyzstan, said Iran would respond immediately if the United States returned to its commitments under the Islamabad memorandum of understanding, while Axios, citing three US officials, reported that Donald Trump and senior advisers are weighing limited strikes in the Strait of Hormuz. The dollar's rise today was also one of the factors behind the sell pressure on the Tehran Stock Exchange.

Abdolnaser Hemmati, governor of Iran's Central Bank, speaking at the 36th Islamic Banking Conference on Tuesday, 10 Shahrivar 1405 (September 1, 2026), as reported by Khabaronline, responded to earlier comments from US President Donald Trump claiming Iran lacks sufficient foreign currency, saying the Central Bank has supplied about 18 billion dollars for the country's needs since the start of the current Iranian year, with 500 million dollars planned for market supply in the past week alone, a figure he said could rise to as much as 2 billion dollars if needed. He attributed periodic spikes in the exchange rate partly to market psychology and political pressure, saying the situation would not persist. Hemmati also said that despite earlier concerns about Iran's economy sliding into hyperinflation, the Central Bank's monetary and precautionary measures have curbed the pace of inflation, and he assessed the probability of hyperinflation as very weak. He said banking sector facilities disbursed from the start of the year through 6 Shahrivar (August 28) reached about 4,050 trillion tomans, up 69 percent from the same period a year earlier, of which nearly 2,600 trillion tomans went to working capital for businesses, an 80 percent increase.

According to Reuters, in a report carried by Shafaq News early Monday, 9 Shahrivar 1405 (August 31, 2026), the US dollar index, which measures the currency against six major peers, held near a two week high at 99.6, after Federal Reserve Chair Kevin Warsh's hawkish remarks at the Jackson Hole symposium pushed traders to raise their bets on a September rate hike. Markets priced the probability of a September Fed rate hike at 57 percent, the report said, while the two year US Treasury yield rose to a more than one month high of 4.33 percent. At the same time, the Japanese yen slipped past the psychologically important 160 per dollar level, trading at 160.01, a threshold the report said has again put the risk of official intervention by Tokyo and Washington in the spotlight. US Treasury Secretary Scott Bessent said on Sunday that recent yen moves had been "pretty well contained." Dollar demand was also supported by Brent crude's nearly 2 percent rise after the US strike on Iran's Larak Island on Sunday, the report said. Market attention is now turning to the G20 finance ministers and central bank governors meeting in the United States on Monday and Tuesday, 9 and 10 Shahrivar, where the report said observers will watch for signs of coordinated efforts to sever economic ties with Iran. Swings in the dollar index and US Treasury yields feed directly into global gold prices and, through them, into Iran's domestic coin and currency markets.