New record exchange rate in Iran market; dollar reaches 32,000 Tomans

ArminJune 8, 2022

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Following the onset of a new wave of inflation and high prices that has gripped the Iranian economy, the price of foreign currencies also increased, and the price of one US dollar reached a historic rate of 32,000 Tomans on Tuesday.

The recent record increase in foreign exchange rates in Iran has sparked a wave of concerns.

According to a report on Tuesday, June 7, on the Bonbast website, which reports exchange rates in the Iranian market, the selling rate of each euro in the country's foreign exchange market reached 34,260 tomans.

In this report, the buying price of each US dollar is announced as 31,900 Tomans and the buying rate of the euro is 34,110 Tomans.

Also, each Bahar Azadi coin in Iran is sold for 14,400,000 Tomans, and the Bahar Azadi half coin is sold for 8,500,000 Tomans.

Economic journalist Meysam Bahrami tweeted that he did not intend to "scare" people, stressing: "Technical analysts believe that when the price of something passes its historical ceiling and stabilizes above it, it is about to grow!"

Mohammad Jahangard, a Twitter user, wrote in describing the people's living conditions, referring to the sanctions: "The pension of one of my family members in 2016, when the dollar was worth 3,200 tomans, was 1,300,000 tomans. Today, the dollar has increased 10 times, and of course, other goods other than fuel have increased from 10 to 30 times. His salary has reached 6,600,000 tomans, which is a five-fold increase."

Economic analyst Siamak Ghasemi also stated: "We are sitting on our hands in a corner of this economy and watching how gentlemen do not tie the economy to politics and sanctions! The Iranian case has once again been placed on the path of the Board of Governors and the Security Council, and sanctions after sanctions, and dollar fluctuations, instability, and lack of future have engulfed the economy and the country."

The increase in foreign exchange rates in the Iranian market comes as livelihood protests have resumed, and on Tuesday, for the second consecutive day, retirees and social security pensioners took to the streets in 18 cities, accusing the government and parliament of lying.

At the same time, the United States, Britain, Germany, and France have submitted a draft resolution to the International Atomic Energy Agency's Board of Governors criticizing Iran for not fully answering the organization's questions about the discovery of uranium particles at undeclared sites.

Israeli Prime Minister Naftali Bennett has also said that his country expects the Board of Governors to issue a "clear warning signal" to "the Tehran regime and make it clear that they will pay a heavy price if they continue their policy of nuclear defiance."

On the other hand, Ebrahim Raisi has ordered several government agencies to pursue the supply and "reserve" storage of essential goods.

Source: Voice of America

Armin

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