Severe volatility in the currency market; dollar on the verge of 17,000 tomans
Following the sharp fluctuations in the exchange rate and coin price in the Tehran market, the rate of one US dollar reached about 17,000 Tomans.
According to reports published in news agencies and websites publishing exchange rates, each US dollar initially fell from 16,100 tomans to less than 15,700 tomans on Tuesday, October 23, but then, after a sharp increase, it reached about 17,000 tomans for the first time.
The exchange rate fluctuations in the market were so severe that some Tehran exchange office owners compared working in the foreign exchange market to gambling in an interview with ISNA news agency. According to the news agency, some exchange offices had stopped trading for hours.
It is said that the euro rate fluctuated from 17,900 tomans to 19,000 tomans on Tuesday.
The price of each gold coin, however, decreased slightly, reaching around 4 million 700 thousand tomans after trading at 4 million 770 thousand tomans for a few hours.
At the beginning of the current trend of increasing exchange rates in October last year, each US dollar was selling for around 3,500 Tomans.
Some experts believe that the US withdrawal from the JCPOA and the announcement of the return of sanctions on Iran are the reason for the sharp increase in the exchange rate, while the dollar rate had more than tripled before the return of the first phase of US sanctions in August of this year.
On the other hand, the Central Bank's policies following the exchange rate increase also drew strong criticism from experts, and ultimately, in recent months, the government changed the Central Bank's governor and announced new foreign exchange policies.
Members of parliament also impeached and dismissed the Minister of Economy.
Source: Voice of America
