Foreign Currency Prices Rise in Iran; US Dollar Crosses 26,000 Tomans

The prices of major foreign currencies in Iran’s domestic market increased on Tuesday, the 19th of Mordad, and according to the “Benbesst” website, which reflects foreign currency prices, the US dollar crossed the 26,000 toman threshold and was traded at 26,350 tomans per dollar.

According to Benbesst, on Tuesday until 5 PM Tehran time, the euro was traded at 30,885 tomans per unit and the British pound at 36,510 tomans per unit.

The Islamic Republic News Agency (IRNA) confirmed the increase in foreign currency prices but reported the US dollar price at below 26,000 tomans.

The Commerce News website cited “increased demand for remittances” as the main reason for the rise in the US dollar price.

Meanwhile, according to some analysts, uncertainty regarding Iran’s willingness to return to nuclear deal revival negotiations, which could clarify Iran’s oil and financial sanctions situation and consequently the government’s financial resources outlook, has impacted the recent volatility in Iran’s foreign exchange market.

Bloomberg News reported that given the uncertainty surrounding the resumption of Vienna talks, American officials are currently reviewing various options. Bloomberg, citing unnamed sources who are familiar with the matter, noted that one possible option is the lifting of a limited number of sanctions against Iran in exchange for Iran halting its most sensitive nuclear activities.

The news agency quoted analysts as saying that if sanctions pressure is reduced, Iran could increase its oil production to one million barrels per day within several months.

Source: Voice of America