Official Rates
Central Bank: reference, ETS cash and transfer rates, inflation and policy rates
Dollar rates updated:
Free: Reference: ETS cash:
The free market is 47.9% above the reference rate and 3.8% above the ETS cash rate; the reference rate moved +9.6% in a month and +201.8% in a year; 12-month inflation to Shahrivar 1405 (23 Aug – 22 Sept 2026): 68.4%; interbank rate 24% — at the corridor ceiling.
Official dollar vs the free market
Free market
258,465 toman
1 OctChart →
Reference rate
174,704 toman
2 OctChart →
ETS cash rate
249,028 toman
1 OctChart →
Free market 47.9% above the reference rateagainst the latest free rate up to that day (1 Oct): 47.9% 30 days ago: 38% (2 Sept) — wider
Free market 3.8% above the ETS cash rate30 days ago: 7.3% (1 Sept) — narrower
Gaps use the latest free rate against each official rate's latest published day; each rate's date sits under it.
Gap to the free market over time
Reference rateETS cash rateETS transfer rate
Each point: the free rate on the same day (or the last trading day before) ÷ that day's official rate — the figure above pairs the latest free rate with each official rate's latest published day, so it differs from the last point when those days differ; samples are weekly until July 2026, and the stored reference rate before June 2024 (the fixed 4,200-toman rate) is left out
Esfand 1404 (20 Feb – 20 Mar 2026) average, as the Central Bank itself reports:unofficial market 156,871 toman official transfer 139,118 toman— gap 12.8%; both legs are the Bank's own monthly indicator series, not comparable with the free-market rate or the gap at the top of this page
Central Bank rates are computational/index rates, not tradable quotes.
Reference (weighted)
Macro →Weighted average of exchange-centre transactions (cash, transfer and subsidised essential-goods transfers) — not an operational rate to 2 OctUSD — CBI Reference
up +9.63%174,704 toman
since 29 AugUSD — CBI Reference, 29 August 2026 to 2 October 2026: from 158,480 toman to 174,704 toman (+10.24%)
30-day change 1 year: +201.8%
TRY — CBI Reference
up +8%3,565 toman
since 29 AugTRY — CBI Reference, 29 August 2026 to 2 October 2026: from 3,285 toman to 3,565 toman (+8.52%)
30-day change 1 year: +155.2%
RUB — CBI Reference
up +13.82%2,091 toman
since 29 AugRUB — CBI Reference, 29 August 2026 to 2 October 2026: from 1,851 toman to 2,091 toman (+12.97%)
30-day change 1 year: +201.6%
Currencies derived from the USD reference
rate = USD reference × a fixed cross rate; the changes are the dollar's
| Currency | Rate (toman) | 30 days | 1 year |
|---|---|---|---|
| EUR — CBI Reference | 198,179 | +7.3% | +192.5% |
| GBP — CBI Reference | 231,761 | +7.5% | +198.8% |
| AED — CBI Reference | 47,571 | +9.6% | +201.8% |
| CNY — CBI Reference | 26,055 | +9.9% | +221.1% |
| CHF — CBI Reference | 209,248 | +6.6% | +188.4% |
Electronic Trading System (ETS)
ETS sell rates — cash and transfer to 1 OctUSD — CBI ETS cash
up +7.94%249,028 toman
since 24 AugUSD — CBI ETS cash, 24 August 2026 to 1 October 2026: from 188,813 toman to 249,028 toman (+31.89%)
daily change 30-day change: +24.8%
EUR — CBI ETS cash
up +7.72%282,489 toman
since 24 AugEUR — CBI ETS cash, 24 August 2026 to 1 October 2026: from 220,465 toman to 282,489 toman (+28.13%)
daily change 30-day change: +21.9%
GBP — CBI ETS cash
up +8.01%330,358 toman
since 24 AugGBP — CBI ETS cash, 24 August 2026 to 1 October 2026: from 257,627 toman to 330,358 toman (+28.23%)
daily change 30-day change: +22.2%
AED — CBI ETS cash
up +7.94%67,809 toman
since 24 AugAED — CBI ETS cash, 24 August 2026 to 1 October 2026: from 51,413 toman to 67,809 toman (+31.89%)
daily change 30-day change: +24.8%
ETS cash and transfer
Transfer is the importers' exchange-centre rate; cash is the banknote rate
| Currency | Cash (sell) | Transfer (sell) | vs reference | Free-market gap |
|---|---|---|---|---|
| US dollar | 249,028 | 174,704 | = reference ratereference 1 Oct | +47.9% |
| Euro | 282,489 | 198,179 | = reference ratereference 1 Oct | — |
| Pound | 330,358 | 231,761 | = reference ratereference 1 Oct | — |
| Dirham | 67,809 | 47,571 | = reference ratereference 1 Oct | — |
| Yuan | — | 26,055 | = reference ratereference 1 Oct | — |
Inflation
12-month to Shahrivar 140568.4%
Annual 140448.3%
The World Bank reports 42.2% for 1404 — two sources, two figures for one year; the number on this page is the Central Bank's own Macro economy →
Policy rates
Policy rates updated:The interbank rate 24% sits at the corridor ceiling (standing lending 24%) — banks are paying close to the CBI's most expensive window for liquidity
- Interbank marketlast change 26 August 2026 (from 23.99%)
- 24%
- Standing lending facilityunchanged since 8 February 2023
- 24%
- Repo agreement floorunchanged since 15 March 2023
- 23%
- Standing deposit facilityunchanged since 8 February 2023
- 17%
Interbank rate inside the corridor
Interbank marketStanding lending facilityStanding deposit facility
Prices after inflation
The dollar, the Emami Coin and the 18-karat gram with inflation taken out — = 100
A description of the past, not a forecast.
Macro indicators (from Central Bank reports)
Liquidity (M2)
15,581 trillion toman (hemat)
53.3% y/y (1404 vs 1403)
Esfand 1404 (20 Feb – 20 Mar 2026)
Monetary base
2,196 trillion toman (hemat)
61.5% y/y (1404 vs 1403)
Esfand 1404 (20 Feb – 20 Mar 2026)
Tehran housing price per m² — registered transactions (CBI)
88.5M toman/m²Dated
16.8% y/y (1403 vs 1402)
Mordad 1403 (22 Jul – 21 Aug 2024)No figure newer than Mordad 1403 has been publishedAverage of registered transactions — not comparable with the asking-price median of Divar listings Today's Tehran listing median →
From the “Economic Indicators” workbook and Tehran housing reports
Source: Central Bank of the Islamic Republic of Iran