Iran’s National Currency Continues Free Fall; Dollar Reaches 26,000 Tomans

Reports from Iran’s foreign exchange market indicate the continued depreciation of Iran’s national currency, with the US dollar reaching the threshold of 26,000 tomans.

Domestic Iranian media reported that during hours of Sunday, July 19, each US dollar sold for 25,920 tomans, representing an increase of 870 tomans compared to the previous day, while the euro reached a price of 29,200 tomans.

This comes as Abdolnasser Hemmati, Governor of the Central Bank of Iran, announced on July 5 that the Central Bank would implement “targeted intervention” in the foreign exchange market to control prices. Previously, he had characterized recent currency market fluctuations as “temporary and transient shocks.”

Additionally, some social media users have reported that the US dollar is being traded at 26,000 tomans in exchange offices.

The continued depreciation of Iran’s national currency occurs amid growing discontent among various business sectors regarding economic conditions, with workers holding protest gatherings for months in objection to their economic situation and unpaid wages.

Iran is under severe economic sanctions by the United States. US officials say they will continue to maintain pressure from sanctions until Iran behaves like a normal country and ceases its support for terrorist groups.

Since President Trump took office, the United States has withdrawn from the nuclear agreement (JCPOA), stating that the deal has not prevented the destabilizing activities of the Islamic Republic, described as the world’s largest state sponsor of terrorism.

Source: Voice of America