Iranian Parliament Speaker Mohammad Bagher Ghalibaf declared today (Thursday) that Iran will defeat the United States in a “total economic war,” according to the state-run IRNA news agency, even as mounting U.S. pressure coincides with another deterioration in the country’s economy. The Iranian rial has now fallen to a historic low, with more than 2 million rials required to buy a single U.S. dollar.
1+Ghalibaf projected defiance in the face of mounting American economic pressure, claiming Tehran would ultimately prevail in the “total economic war” after Washington shifted the focus of its campaign against Iran from military action toward economic pressure. At the same time, Ghalibaf sought to bolster public confidence in the government as the local currency continued to weaken. According to figures cited in the report, one U.S. dollar is now worth more than 2 million Iranian rials.
The Iranian rial | Photo: Shutterstock
IRNA quoted Ghalibaf as saying that supporting the government does not mean overlooking its shortcomings, but rather trusting it to better serve the people. He added that the government had taken effective steps to manage the country despite the economic consequences of the war and was working to address its weaknesses. His remarks come as Washington seeks to intensify pressure on Iran’s economy and reduce Tehran’s ability to generate revenue from oil sales.
U.S. Treasury Secretary Scott Bessent announced earlier this week the launch of “Operation Economic Pariah,” marking a shift in the focus of Washington’s campaign against Iran. According to details released about the initiative, the campaign is designed to deepen the Islamic Republic’s economic isolation through sanctions and target its oil-export industry—one of Tehran’s primary sources of revenue.
1+The strategy seeks to exert pressure without relying exclusively on military force by reducing the regime’s revenues, making trade with other countries more difficult and exacerbating the challenges already confronting Iran’s domestic economy. Ghalibaf’s declaration takes on particular significance against the backdrop of the rial’s historic collapse, with more than 2 million rials now needed to purchase a single dollar. The weakening currency makes imported goods increasingly expensive for Iranians and could further intensify the economic pressure facing households and businesses across the country.