Dollar and Coin Prices Experience Fluctuations in Iran’s Open Market
Reports from Iran indicate that the dollar exchange rate in Iran’s open market on Wednesday, July 17, entered the 11,000 toman channel and experienced significant fluctuations throughout the day.
Tasnim News Agency reported that the dollar price in Iran’s open market reached 11,230 tomans. A source in Iran’s market also told Radio Farda that the dollar price at the time of this report (Wednesday evening) was around 11,200 tomans, which represents a decrease of approximately 1,800 tomans compared to 10 days earlier.
However, by late Wednesday, the price of each US dollar reached 11,770 tomans.
Data on dollar prices from specialized currency websites and exchange offices indicate that the currency price has reached its lowest level since December of last year.
Shortly before the US withdrawal from the JCPOA in April of last year, foreign currency prices in Iran increased, and in the summer of the previous year, the dollar price even reached 19,000 tomans.
This figure fell briefly to around 11,000 tomans in mid-December and rose again above 12,000 tomans. The dollar price has fluctuated between 13,000 to 16,000 tomans over recent months.
Majid Reza Hariri, Vice President of the Chamber of Commerce, cited decreased demand for currency due to reduced purchasing power of people and central bank pressure to return export currency as reasons for the dollar entering the 11,000 toman channel.
Recently, Abdolnaser Hemmati, Governor of the Central Bank of Iran, announced “increased oil revenues” and “greater return of export currency,” which could be a factor in lowering the exchange rate.
It is also said that the reduction in the price difference between official and free market exchange rates has caused many importers to reduce their dollar demand.
Based on Iran Customs Administration statistics, the country’s imports in the first quarter of the year decreased by approximately 7.8 percent and reached around 10.2 billion dollars, while non-oil exports remained unchanged at 11.5 billion dollars.
As a result, Iran’s non-oil exports in the current spring exceeded the country’s imports.
The United States suspended exemptions for Iran’s oil buyers in April of this year, and reports indicate that the country’s oil exports have fallen below 300,000 barrels per day. This figure was previously 2.5 million barrels per day.
With the decline in the exchange rate in the free market, the value of the Bahar Azadi coin has also decreased.
The price of a full Bahar Azadi coin on Wednesday decreased by 1.3 percent compared to Tuesday, reaching 3 million and 900,000 tomans.
This figure was 4 million and 700,000 tomans in early July, and on Monday of the current week when the dollar rate was around 12,600 tomans, it was selling for approximately 4 million and 275,000 tomans.
Source: Radio Farda
