More than seven months into the conflict with Iran, the regime’s currency has cratered to a staggering 2.44 million rials to a single U.S. dollar, a record low that Treasury Secretary Scott Bessent says proves America’s economic pressure campaign is working.
“Operation Economic Outcast has caused the rial to hit record lows,” Bessent wrote on X Monday, sharing a graphic illustrating the Iranian currency’s freefall.
The economic squeeze comes as President Trump rejected what he characterized as an outdated proposal from Tehran over the weekend, signaling that negotiations remain far from any breakthrough. Speaking to Axios on Sunday, the president made clear that Iran’s bargaining position has deteriorated significantly since hostilities began.
“They want to make a deal, but it is not the deal that I want to make,” Trump said. “It is what we would have maybe agreed to a year ago. They overplayed their hand.”
Despite the rejection, diplomatic channels remain open. Trump told reporters Monday that U.S. and Iranian representatives spoke through mediators, though he confirmed no progress had been made. The president indicated he expects talks to continue this week.
“I expect more talks with Iran,” Trump said.
Trump’s hardline stance on negotiations reflects his administration’s confidence that economic pressure will eventually force Iran to accept terms more favorable to American interests. The collapse of the rial suggests the sanctions regime is inflicting serious damage on Iran’s economy, potentially weakening the regime’s ability to sustain its war effort.
