'3 Million, Here We Come': Bessent Sees Iranian Currency Plunging By Another 50% Against US Dollar

US Treasury Secretary Scott Bessent has warned that Iran's rial could plunge another 50% against the dollar, after the currency fell past the 2 million-rial-per-dollar threshold to a record low.

“3 million, here we come,” Bessent said in a post on X, highlighting the currency's latest plunge. 

The rial was trading at around 2.02 million to the dollar on Monday, according to reports, marking a fresh record low.

In a separate post, Bessent pointed to comments by Iran's Central Bank Governor Abdolnaser Hemmati, who said a simultaneous decline in oil revenues, tax collections and social security contributions had affected broad sections of the Iranian economy.

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Bessent also revisited remarks he made at the Economic Club of New York on March 6, 2025, when he warned that Iran's economy was under severe strain and advised Iranians to move their savings out of the rial. 

At the time, Iran's official inflation rate stood at 35%, while the currency had lost about 60% of its value over the preceding year.

The exchange rate was then around 887,500 rials to the dollar, according to Bessent's remarks.

The latest collapse underscores the mounting pressure on Iran's economy as the United States prepares a fresh round of sanctions. 

Bessent has described the planned measures as an unprecedented financial offensive aimed at further isolating Tehran and cutting off its remaining sources of revenue.

The rial's decline is also deepening pressure on Iranian households, with soaring inflation eroding purchasing power and raising the cost of basic goods.

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