Iran has introduced new limits on individual purchases of US dollars through designated banks and exchange offices, allowing buyers to purchase up to $1,000 per day, subject to a cumulative limit of $10,000. Reported on October 23, 2026, the rules require customers seeking amounts between $100 and $1,000 to present a bank card and national identification. Selected financial institutions continue to distribute dollar banknotes through official channels.
The move comes as Iran’s currency faces renewed pressure from US sanctions, economic uncertainty and persistent demand for foreign currency. The dollar was reported to be trading at around 262,000 Iranian rials on October 22, compared with approximately 135,000 at the start of the year. The new purchase limits form part of Tehran’s efforts to manage access to foreign currency, although their effect on the broader exchange market will depend on the amount of dollars available, the official selling rate and demand outside regulated channels.
Key Takeaways
- Daily limit: Individuals can purchase up to $1,000 in US dollars per day under the reported arrangement.
- Overall limit: The cumulative purchase ceiling is $10,000.
- Identification required: Buyers need a bank card and national ID for purchases between $100 and $1,000.
- Currency pressure: The Iranian rial has weakened substantially against the US dollar during 2026.
- Sanctions backdrop: The announcement follows new US sanctions targeting individuals and entities allegedly linked to Iranian financial networks.
- Uncertain impact: The restrictions may help organize official dollar sales, but they cannot independently eliminate foreign-currency shortages or informal-market demand.
What Are Iran’s New Dollar Purchase Rules?
According to reporting by The Economic Times, the latest guidelines allow individuals to purchase dollar banknotes through participating banks and exchange offices, subject to a daily ceiling of $1,000 and a total limit of $10,000.
Customers seeking smaller amounts must present their bank card and national identification. Purchases are processed through designated financial institutions and systems rather than being treated as unrestricted access to foreign currency.
The distinction is important: the reported limits apply to the described official purchase arrangement. They should not automatically be interpreted as a universal ban on every form of dollar ownership, foreign-currency payment or overseas transaction in Iran.
The availability of dollars also depends on the participating institution, the applicable exchange rate and the currency allocated to the program. The reported rules do not, on their own, establish that every eligible buyer can immediately obtain the full $10,000.
Why Iran Is Tightening Control Over Dollar Purchases
Iran’s economy has long faced restrictions on international financial activity, limited access to foreign currency and uncertainty over the value of the rial. US sanctions have made cross-border payments and access to parts of the international financial system more difficult, adding pressure to an already complicated currency market.
When households and businesses expect a domestic currency to lose value, they may seek to hold dollars instead. Foreign currency can be viewed as a way to preserve purchasing power, particularly when prices are rising and the outlook for the domestic economy is uncertain.
That behavior can increase demand for dollars at a time when the supply available through official channels is constrained. Authorities may respond by directing sales through selected banks, requiring identification and setting individual purchase ceilings.
Iran’s latest limits could help officials monitor who purchases foreign currency and how much is distributed through the formal program. However, the restrictions do not create additional dollars by themselves. Their effectiveness will depend on whether the authorities can supply enough foreign currency at rates buyers consider acceptable.
The Iranian Rial’s Decline Against the US Dollar
The currency’s weakness provides important context for the new restrictions.
| Indicator | Reported figure |
|---|---|
| Dollar exchange rate at the start of 2026 | Approximately 135,000 Iranian rials |
| Dollar exchange rate on October 22, 2026 | Approximately 262,000 Iranian rials |
| Daily dollar purchase limit | $1,000 |
| Cumulative purchase limit | $10,000 |
Sources: NDTV and The Economic Times. Exchange-rate figures are reported market quotations, not a guaranteed rate available to every customer.
The reported exchange rate rose from 135,000 to 262,000 rials per dollar over the period. That represents an increase of roughly 94% in the number of rials required to buy one dollar.
This does not mean every household’s expenses rose by exactly the same percentage. The effect on living costs depends on the prices of imported goods, domestic production costs, subsidies and how quickly exchange-rate changes pass through to retail prices.
Nevertheless, a weaker currency can make imported food, machinery, electronics, medicines and industrial inputs more expensive when their costs are linked to foreign currencies. Businesses may also face greater uncertainty when planning purchases or setting prices.
How US Sanctions Add to Iran’s Currency Pressure
The new dollar limits were reported shortly after Washington announced additional Iran-related sanctions targeting 16 individuals and 10 entities. According to US officials, the measures were intended to disrupt financial networks, shadow-banking operations and channels allegedly used to fund Iran’s military and regional proxy groups.
Sanctions can affect currency markets through several channels. They can restrict access to international financial institutions, complicate settlement of trade payments and increase the cost and risk of moving money across borders.
They can also influence expectations. If businesses and households believe that foreign-currency earnings will become harder to access, demand for dollars may increase even before the full economic effect of a new sanctions package is known.
The relationship is not one-to-one: the rial’s value is influenced by domestic monetary policy, inflation, foreign-currency earnings, expectations and broader economic conditions as well as sanctions. The timing of the new restrictions does not prove that the latest US measures alone caused the currency’s decline.
Could the Limits Reduce Demand in Iran’s Informal Currency Market?
Iran operates official foreign-currency channels alongside
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