The dollar rate in Iran's free market soars to 28,000 Tomans

The dollar rate in Iran's free market reached 28,000 tomans on Wednesday, September 27, an increase of 270 tomans compared to Tuesday.

Since the beginning of June, the dollar exchange rate has been on an upward trend, and the Iranian national currency has lost about 15% of its value during this period.

The increase in the dollar rate to 28,000 Tomans occurs on the first day of the official inauguration of Ebrahim Raisi's cabinet and the vote of confidence of the Islamic Consultative Assembly in his proposed ministers.

Iranian officials have not announced the reason for the continuous rise in the dollar's price, but the country's treasury recently reported that only "three percent" of oil revenues were realized in the spring of this year.

Oil was the country's most important source of foreign exchange before the sanctions, generating $60 billion in foreign exchange annually.

According to the budget law, Hassan Rouhani's government had planned to export oil worth $33.5 billion this year, of which $19 billion was the public budget's share, but only three percent of the projected figure for this spring has been achieved.

Mohammad Hosseini, a member of parliament and advisor to the Planning and Budget Commission, also announced last week that the oil budget realization rate in the first five months of this year was only "eight percent."

According to him, according to the 1400 budget law, 150 trillion tomans in oil revenues should have been collected in the first five months of this year, but only 23 trillion tomans in revenue has been obtained from this source.

The price of the Bahar Azadi coin was around 10 million tomans in early June, but on Wednesday it soared to 11 million and 782 thousand tomans.

The dollar exchange rate was 16,000 tomans at the beginning of last year, but last fall it peaked at around 32,000 tomans.

With the Central Bank's significant injection of dollars into the market at some point in time, the dollar rate began to decline for several months with ups and downs, and even reached below 21,000 Tomans in late spring of this year, but then it began to rise again.

Source: Radio Farda