Sharp Fluctuations in Currency Market; Dollar Approaches 17,000 Tomans
Amid continued sharp fluctuations in exchange rates and gold coin prices in Tehran’s market, the US dollar reached approximately 17,000 tomans.
According to reports published by news agencies and currency rate websites, on Tuesday, the 3rd of Mehr, the US dollar initially dropped from 16,100 tomans to below 15,700 tomans, but following a sharp increase, reached approximately 17,000 tomans for the first time.
The volatility of exchange rates in the market was so severe that some Tehran currency exchange owners, in interviews with ISNA news agency, compared working in the currency market to gambling. According to the news agency, some exchanges suspended currency trading for several hours.
It is reported that the euro rate on Tuesday also fluctuated from 17,900 tomans to 19,000 tomans.
The price of each gold coin, however, experienced a slight decline after trading at 4,770,000 tomans for several hours, reaching approximately 4,700,000 tomans.
At the beginning of the current surge in exchange rates in Mehr of last year, each US dollar was sold at approximately 3,500 tomans.
Some experts attribute the sharp increase in exchange rates to the US withdrawal from the JCPOA and the announcement of the return of sanctions on Iran, while the dollar rate had more than tripled by before the first phase of American sanctions returned in Mordad of this year.
On the other hand, the Central Bank’s policies following the increase in exchange rates also provoked harsh criticism from experts, and ultimately the government changed the Central Bank governor in recent months and announced new currency policies.
Parliamentary representatives also impeached and removed the Minister of Economy from office.
Source: Voice of America
