Dollar and Gold Prices Rise in Iran Following Khamenei's Belligerent Remarks

One day after Ali Khamenei's belligerent remarks regarding negotiations with the United States, the price of one US dollar in the Iranian market on Sunday, March 10, exceeded 95,000 tomans, and the price of one gold coin approached 79 million tomans. Ali Khamenei, the leader of the Islamic Republic, on Saturday, March 9, in a meeting with several officials, referred to the potential negotiations with the US, stating that their goal is to 'set new expectations,' which 'will certainly not be met by [the Islamic Republic] Iran.' The turmoil in Iran's financial markets and the renewed increase in the prices of the dollar and gold comes at a time when the spokesperson for the National Security Council of the White House stated on Saturday, March 9, to Voice of America that 'Donald Trump has clearly stated that there are only two paths for the Islamic Republic: to reach an agreement or face military action.' According to the website Navasan, which tracks the fluctuations of foreign currencies and gold coins in the Iranian market, the price of one US dollar remittance in Iran reached 95,240 tomans on Sunday. Additionally, the price of one gram of 18-carat gold is over 6,700,000 tomans, and the price of one gold coin known as 'Imami design' is 78,600,000 tomans. The continuous decline in the value of the national currency against foreign currencies and the intensification of economic crises, along with the diminishing purchasing power of the people, have led to a warning recession in the markets just before Nowruz and coinciding with Ramadan, which are two occasions considered to boost the market in Iran. Amidst the turmoil in Iran's financial markets, Brian Hughes, spokesperson for the National Security Council, expressed hope that 'the Iranian regime will prioritize its people and national interests over terrorism.' However, at the same time, as reports of recession in the market and the widespread poverty in Iran emerge, senior officials of the Islamic Republic have deemed poverty as a 'divine test' and are thinking of 'paving the way for the departure of the weak.' Siamak Ghazemi, an economic expert in Iran, has advised citizens to make 'economic and business decisions based on economic realities' and 'not on the words and promises of officials,' as he stated, 'the hand of the economy is stronger than any hand.' In recent days, just before Nowruz, a journalist and economic analyst inside the country told Voice of America that the economic recession has led to widespread shop closures, with most 'stores being closed extensively'; a report that is confirmed by images provided from the market. The United Nations welcomed Trump's letter to Khamenei: diplomacy is the best option. Several labor organizations: the minimum wage should not be less than 60 million tomans. Donald Trump on the Iranian government: something big will happen soon. A gathering of the aggrieved and farmers coinciding with the strike of workers and truck drivers. Gold coins in the 75 million toman range; protests by retirees in 8 cities.