Iran's central bank has begun selling US dollar reserves into the open market to halt a collapse in the value of the rial. The local currency slid to approximately 2.7 million per dollar on Saturday, having risen more than 8% in terms of dollar cost in less than a week, while the euro surpassed 3 million rials for the first time. The British pound and UAE dirham also reached new highs, trading at about 3.52 million and 730,000 rials respectively.

President Masoud Pezeshkian announced a "new arrangement" to manage what he described as an attempt by enemies to cut the country's vital arteries via economic war. This deterioration follows a sharp drop in oil exports, which fell from 1.7 million barrels per day a year ago to roughly 260,000 barrels per day. Iranian citizens face annual inflation of nearly 70% and food price increases of 130% over the last year, leaving the minimum monthly wage at about $63 at the open-market rate.