Continued Upward Trend in Currency; Dollar Surpasses 19,000 Tomans
The dollar exchange rate continued its upward trend in Iran’s informal market, surpassing 19,000 tomans.
According to Iranian domestic news agencies and several news websites, on Wednesday, September 25, the sale of each US dollar in Tehran’s market began at 17,000 tomans and surpassed 19,000 tomans after noon.
This comes as some journalists reported from their observations of Tehran’s currency market that when the dollar was around 18,000 tomans, some buyers were seeking to purchase dollars even at prices exceeding 19,000 tomans.
IRNA also reported that buying and selling in the market was mostly conducted by brokers, and the exchange rate continued to rise even as money changers were either semi-closed or had turned off their price boards and were not conducting any transactions.
Based on these reports, each gold coin, which was sold for approximately 4,700,000 tomans on Tuesday, reached approximately 5,300,000 tomans on Wednesday.
The euro was also on an upward trajectory and was traded at 21,000 tomans on Wednesday.
At the beginning of the current upward trend in exchange rates in September of last year, each US dollar was being sold at approximately 3,500 tomans.
Some experts attribute the severe increase in exchange rates to America’s withdrawal from the JCPOA and the announcement of the return of sanctions on Iran. However, the dollar rate had already increased more than threefold before the implementation of the first phase of American sanctions in August of this year.
On the other hand, the policies of the Central Bank following the increase in exchange rates also drew severe criticism from experts, and ultimately the government changed the governor of the Central Bank in recent months and announced new currency policies. Members of parliament also impeached and dismissed the minister of economy.
Source: Voice of America
