Explained
Iran's two exchange rates
Ask what a dollar is worth in Iran and there are two defensible answers, far apart. Both are real; they are just used by different people for different things.
What the central bank publishes and what international data providers report.
What the open market trades at — roughly 39% above the official figure.
Free-market figure from 22 August 2026 (Nobitex exchange — latest USDT/RLS trade); official rate checked 14 August 2026 (Trading Economics USD/IRR). These move fast — treat as a snapshot.
Where the official rate applies
The official rate is an administered rate, not a market-clearing one. Historically it has been used for priority imports — essentials such as certain foods and medicines — allocated through official channels. It is not a rate an ordinary person can simply walk up and transact at in unlimited size, which is the crucial thing international coverage tends to omit.
Why international sites show only one
Because Iran's banking system is largely disconnected from international financial infrastructure, the data feeds behind Google, XE and similar services can generally only see the central bank's published figure. They are not wrong so much as reporting the only number visible to them — which is why Iranians rely on domestic trackers like bonbast and pashizi instead.
Why USDT shows up on rate boards
A dollar-pegged stablecoin is quotable, divisible and moves without the banking channel, so it has become a practical reference point for the free-market dollar inside Iran. That is why our calculator uses the USDT quote as its free-market reference: it is the figure the market itself watches.
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