The price of the coin has exceeded five million dollars and 14 thousand tomans.
The price of the dollar has increased again in the Iranian currency market. The increase in the dollar price comes at a time when the head of the Central Bank had spoken of the recession prevailing in the currency market. The price of each new design gold coin has also exceeded five million tomans.
The increasing tension in relations between the Islamic Republic of Iran and the United States has caused the price of foreign currency and gold to rise again in Iran's domestic markets. Iranian media have also published reports about the price of the dollar and other foreign currencies rising again in Iran.
The news site "Ferraro" wrote in a report on Tuesday, April 9, that the price of the dollar on Tuesday, April 9, increased by at least 490 tomans compared to the previous day, reaching more than 14,180 tomans. Some reports have stated that the price of the dollar is higher than this figure.
This is the highest dollar trading rate since November last year. After the uncontrolled increase in the dollar's value, the Central Bank had injected foreign currency into Iran's economic arteries. A measure that has apparently lost its effectiveness.
The Central Bank and the Jahangiri Dollar
Abdolnaser Hemmati, the governor of the Central Bank, announced on Sunday this week that the dollar buying and selling market was stagnant and that the dollar was not more expensive than 13,000 tomans in the buying market. Just one day after the governor of the Central Bank made the statement, the dollar price in the open market reached 14,200 tomans.
The prices of other currencies have also increased in Iranian markets. The purchase price of one euro in the free market reached 15,700 tomans.
The government's determination of the official dollar rate, known as the "Jahangiri dollar," has also failed to bring stability to the currency markets. The difference between the official dollar rate and its price in the Sena and Nima markets, as well as in the free market, has led to increased rent-seeking and financial corruption.
Therefore, many basic goods that were imported at the official rate were removed from the cycle of receiving foreign exchange at the official rate.
The latest example was the exclusion of red meat imports from the benefits expected for the import of essential goods. On Tuesday, April 10, Tabnak News Agency published an economic report announcing the suspension of meat imports at 4,200 tomans to the dollar.
Mohammad Reza Kalami, Director General of the Supply, Distribution and Market Regulation Planning Office of the Ministry of Industry, Mines and Trade, stated that the reason for eliminating meat imports at the official dollar rate was to "prevent a decrease in red meat production within the country" and to create incentives for livestock producers in Iran.
Five million coin station
Although Central Bank officials and members of the board of directors of Tehran Gold and Jewelry have referred to the increase in gold prices in global markets in connection with the increase in coin prices in domestic markets, it does not seem that the reason for the renewed increase in coin prices in Iran can be explained solely by the increase in its global price.
The "Tabnak" website, publishing an economic report and quoting Mohammad Keshta-Aray, a member of the board of directors of Tehran Gold and Jewelry, has reported a renewed increase in coin prices in domestic markets.
According to this report, the price of each coin of the old design exceeded four million and 750 thousand tomans on Tuesday. This is while each gold coin of the new design was traded in the market for more than five million tomans on the same day.
Source: DW
