Dollar in Iran reaches 27,000 toman threshold; gold coin reaches 13 million toman
The price of the US dollar in Iran’s free market on Sunday, September 23, broke another record and reached 26,950 toman, showing an increase of approximately 1,000 toman compared to the previous day.
The price of the US dollar at the beginning of the current solar year was 16,000 toman.
The dollar price reached approximately 26,000 toman in June of this year, but the Central Bank announced that it had injected billions of dollars into the market, and ultimately the dollar price temporarily dropped to 21,000 toman, then increased again with fluctuations.
With the start of the current week, the dollar price has surged with greater acceleration.
According to statements by Abdolnasser Hemmati, governor of the Central Bank of Iran, 280 billion dollars of foreign currency have been injected into the market over the past 15 years. This meant injecting an average of 18 billion dollars of foreign currency annually to control the market.
However, it appears that given the 40 percent decline in non-oil exports and the collapse of the Islamic Republic’s oil revenues, the Central Bank of Iran lacks the capacity to inject more foreign currency into the market to maintain the value of the rial.
Also, the price of the Bahar Azadi coin reached 11 million and 700,000 toman on the current day, showing an increase of 100,000 toman compared to the previous day.
The price of the Imami coin increased by more than three and a half percent and reached approximately 13 million toman. However, the half coin, quarter coin, and gram coin surged by approximately seven percent on Sunday compared to the previous day.
Meanwhile, the Tehran Stock Exchange’s general index experienced a decline of more than 5,500 points on Sunday.
The stock market index at the beginning of the current year was approximately 500,000 points, but while the country’s economy is in a critical situation, it broke the 2 million point record in mid-August. Many analysts had reported government manipulation in the stock market and the existence of a bubble in it.
Since then, the Tehran Stock Exchange index has experienced significant declines and reached 1 million and 578,000 points on Sunday.
Source: Radio Farda
