The US dollar broke the record price of 13,000 Tomans in the open market
Reports from the free currency and coin market in Iran indicate that new records have been set in prices. The latest figure recorded for one US dollar is 13,000 Tomans on the evening of Monday, September 12, which represents an unprecedented record in the price of this currency.
Hours before this price was recorded, each dollar had crossed the 12,000 toman mark, and the price of each coin reached 4,585,000 tomans.
These figures indicate that the Iranian rial has lost up to 15 percent of its value in the past three days.
The value of Iran's national currency has fallen by more than 70 percent in the past year.
According to reports, the price of each euro was 14,150 Tomans, the price of the pound was 15,744 Tomans, and the price of the UAE dirham was 3,311 Tomans.
The new design Bahar Azadi coin was traded for 4,585,000 Tomans, and the old design Bahar Azadi coin was traded for 4,111,000 Tomans.
The website of the "Economic World" newspaper wrote in an analysis of the market situation on Monday that "it seems that what paved the way for the return of volatility to the markets was the re-entry of speculative and cautious demand into the market. On the other hand, according to activists, the successive breakdown of price levels has caused a large amount of technical demand to enter the market day by day."
The site added: "Some other activists believed that there was also seasonal demand for student immigration in the market; under the influence of this type of demand, the price of the Canadian dollar reached about 9,800 Tomans yesterday."
One of the main reasons cited for renewed tension in the Iranian coin and currency market despite the implementation of new currency policies is the statements of Abdolnaser Hemmati, the governor of the Central Bank.
Mr. Hemmati said on Saturday that "foreign exchange reserves are the honor of the Central Bank" and that the policy is not to use "Central Bank resources to regulate the foreign exchange market" and that control of the foreign exchange market is ensured through the entry of resources from non-oil exports.
However, economic analysts and market activists say that exporters of non-oil goods, who are required to provide their currencies in the market to balance it, only enter a portion of it into the market, which is not enough to meet its needs.
According to statistics provided by the head of the Central Bank of Iran, Iran's non-oil exports are worth $40 billion per year.
On the other hand, as the deadline for the main US sanctions on November 4, which are set to target Iran's oil industry, approaches, the future outlook for economic activists has become bleak, and statements by Islamic Republic officials have failed to restore calm to the market.
Iran's financial markets, which have been extremely turbulent in recent months, calmed down for a short time after the Central Bank presented new foreign exchange policies on August 6, to the point where the dollar fell below ten thousand tomans.
However, in recent days, the price of currency and gold coins has skyrocketed, and according to a report by ISNA News Agency on Sunday, "market activists" say: "Now there are very few normal sellers in the market, and if there are sellers, they are people who trade to capture fluctuations."
With the US withdrawal from the nuclear agreement between six world powers and Iran, known as the "JCPOA", on May 8 of this year, Iran's economic situation has become tense, and in addition to the decline in oil exports over the past month, the prices of basic goods, foreign currency, and coins have also increased sharply.
Source: Radio Farda
