Dollar Remains at 14,000 Tomans; Arbaeen Pilgrims Sent to Iraq with 7,000 Toman Dollar Rate
While the dollar exchange rate has remained around 14,000 tomans, Iran’s Deputy Interior Minister announced that Arbaeen pilgrims will receive currency at the rate of 7,000 tomans per dollar.
Hossein Zolfaqari, the Security and Law Enforcement Deputy of Iran’s Ministry of Interior, stated on Wednesday, September 21, during a ceremony in Kerman, that the visa price for Iraq is approximately 41 dollars, and said that in coordination with the Central Bank, Arbaeen pilgrims will be provided dollars at the equilibrium market rate of 7,000 tomans.
According to Islamic Republic officials, last year approximately 2 million and 300 thousand people traveled from Iran to Iraq to participate in Arbaeen ceremonies. Accordingly, if the same number of people wish to travel to Iraq this year, over 94 million dollars will be allocated to Arbaeen ceremony travelers at a price half that of the free market rate.
This comes as the foreign exchange crisis has caused severe price increases in Iran, and many goods that have been removed from the list of items eligible for government dollar allocations have faced sharp price hikes.
The increase in exchange rates over the past year has created many problems for Iranian travelers going abroad; some of whom were forced to travel for reasons such as education or medical treatment.
The recent sharp decline in the value of Iran’s national currency began approximately one year ago following severe economic crisis, deep financial problems in domestic banks, and intense demand for dollar purchases among Iranian citizens worried about the consequences of America’s withdrawal from the JCPOA and the return of sanctions.
In its latest measures to improve the foreign exchange market situation, the Iranian government, while announcing new currency policies, lifted the ban on buying and selling foreign currency and delegated the provision of currency needed by importers to the secondary market and the NIMA system, which is the platform for currency sales by exporters.
The Judiciary also announced that it has arrested approximately 100 people on charges of disrupting the currency and coin markets; however, the trend of increasing exchange rates and coin prices has continued.
Source: Voice of America
