The nightmare of a 20,000-toman dollar has come true! The abyss of Iran's economic crisis is deepening

As the trend of devaluation of the national currency and increase in the exchange rate in Iran, which began early last week, continues, reports indicate that the price of the dollar in the Iranian free market has reached 20,000 tomans.

According to the Associated Press, Iran's currency hit its lowest level against the US dollar on Monday, July 20. In the early hours of Monday, the US dollar's exchange rate reached 20,000 tomans, and shortly thereafter, each dollar was valued at 19,800 tomans.

Meanwhile, some Twitter users have also confirmed that the dollar has reached 20,000 tomans.

The Associated Press reported that following the rising dollar price, Iran's Ministry of Commerce warned that the business cards of people whose currency returns are zero will be suspended. The Central Bank of Iran also announced on Sunday that it would publish the names of currency violators.

The report states, based on statements by Iranian companies, that more than $40 billion in non-oil goods are exported annually, with Islamic Republic officials saying that about half of this foreign exchange remains abroad.

According to reports, the dollar price in the first half of last year was between 11,000 and 12,000 tomans, but in the second half of the year, due to the increase in gasoline prices and domestic protests as well as international tensions with Iran, the dollar price reached 15,000 tomans in January, and in the final days of the year, the dollar price increased to 15,900 tomans. Ultimately, the foreign exchange market transactions of 2019 ended at 14,900 tomans for the US dollar and 16,900 tomans for the euro.

The dollar price also reached 16,150 tomans in Farvardin and finally ended the month at 15,400 tomans. In Ordibehesht, the dollar price fluctuated between 15,400 and 16,300 tomans.

US maximum pressure 

The United States withdrew from the JCPOA after President Trump took office, declaring that the nuclear deal had failed to prevent the destabilizing activities of the Islamic Republic, the world's largest state sponsor of terrorism.

In June 2018, US Secretary of State Mike Pompeo outlined the new US strategy towards Iran, announcing increased pressure on the Islamic Republic and 12 US conditions for negotiating a new agreement with Iran. Since then, the US has imposed very heavy sanctions on Iranian individuals and entities and has exerted significant economic pressure on the Iranian regime, with the aim of changing the regime’s behavior and ending its malign activities.

People's concerns about the dollar nightmare

The devaluation of Iran's national currency has received widespread attention in cyberspace, with some users calling it the "dollar nightmare."

Another user, Arshia Sheikhi, also wrote on her Twitter: "When the dollar became 5 tomans, everyone was worried. Everyone was worried about the state of the country. Today, the dollar became 20 tomans and it seems like no one cares. Mr. Rouhani, what have you done to the people?! The youth of many people has been destroyed. Almost 4 years have passed like a nightmare and the people are enduring it. Do you have an answer to give to the people?"

Source: Radio Farda