Dollar Rate in Iran’s Free Market Reaches 28,000 Tomans

The dollar rate in Iran’s free market on Wednesday, the third of Shahrivar, reached 28,000 tomans with an increase of 270 tomans compared to Tuesday.

Since the beginning of Khordad, the dollar rate has been on a continuous upward trend, and the Iranian national currency has lost approximately 15 percent of its value during this period.

The increase in the dollar rate to 28,000 tomans occurs on the first official working day of Ebrahim Raisi’s cabinet and the parliament’s vote of confidence in his proposed ministers.

Iranian officials have not announced the cause of the successive increase in the dollar price, but the country’s general treasury recently reported that only “three percent” of oil revenues were realized in the spring of the current year.

Oil was the most important source of foreign currency supply for the country before the sanctions and generated 60 billion dollars annually.

Based on the budget law, Hassan Rouhani’s government had allocated 33.5 billion dollars for oil exports in the current year, of which 19 billion dollars was allocated to the general budget, but only three percent of the amount planned for this spring has been realized.

Mohammad Hosseini, a representative of several parliaments and an advisor to the planning and budget commission, also announced last week that the realization of the oil budget in the first five months of the current year was only “eight percent.”

According to him, based on the 1400 budget law, 150,000 billion tomans of oil revenues should have been collected in the first five months of the current year, but only 23,000 billion tomans of revenue from this source has been obtained.

The price of Bahar Azadi coin was also around 10 million tomans in early Khordad, but on Wednesday it reached 11 million and 782 thousand tomans.

The dollar rate at the beginning of last year was 16,000 tomans, but in the fall of last year it reached around 32,000 tomans.

With a significant injection of dollars by the Central Bank into the market for a period of time, the dollar rate followed a downward trend for several months with fluctuations, and even in the late spring of this year it fell below 21,000 tomans, but again followed an upward trend.

Source: Radio Farda