The dollar exchange rate crossed the 27,000 toman mark.

After a period of relative calm in the foreign exchange market, the dollar rate has been on an upward trend from around 24,500 tomans at the beginning of July, reaching 27,100 tomans on Monday, August 15.

The dollar rate has increased by 150 tomans today compared to Sunday. At the beginning of this month, the dollar rate was below 25,000 tomans.

Iranian authorities have not yet announced the reason for the acceleration in the exchange rate growth since the beginning of July, but a report from the country's Treasury on August 9 shows that in the first two months of this solar year, only 2.5 percent of the oil revenues projected in the government budget have been realized.

Oil is the country's most important source of foreign exchange, but due to sanctions, Iran is facing a significant drop in oil exports and is having difficulty receiving foreign exchange and transferring it to the country.

However, statistics from tanker tracking companies show that Iran's average daily oil exports in the first half of this year reached 650,000 barrels, more than double the average volume last year.

Iran had included 2.3 million barrels of oil exports per day in its budget for this year, and with this calculation, more than a quarter of this figure has been achieved in practice. On the other hand, the budget for this year set the price of oil at $40 per barrel, but in the first two months of this year, this figure was above $60.

Thus, it is not exactly clear why only 2.5 percent of the oil budget was realized in April and May this year, while this figure should be at least 35 percent.

The dollar rate was 16,000 Tomans at the beginning of last year, but peaked at around 32,000 Tomans last fall. With the Central Bank's significant injection of dollars into the market at one point, the dollar rate fell for several months with ups and downs, and even fell below 21,000 Tomans in late spring of this year, but then it started to rise again.

Source: Radio Farda