Dollar Exceeds 3930 Tomans

Reports from Iranian media indicate that the price of the dollar has experienced a significant upward trend in recent days, surpassing 3930 tomans on Tuesday. This represents an increase of 110 tomans compared to the previous Sunday. Fars News Agency reported, 'The wave of currency price increases continues in the market, with the dollar rising by 110 tomans to reach 3930 tomans.' In this context, ILNA reported that the dollar price on Tuesday was 3940 tomans. Tasnim also noted that the dollar in the Tehran free market reached 3940 tomans. Fars News Agency further reported that since early October, the price of currency, especially the dollar, has been on the rise, reaching 3600 tomans for the first time since the 2012 currency crisis on October 12. The agency added, 'However, in these two months, the Central Bank has rejected all interview requests regarding currency price changes and has not shown any reaction to these price changes, nor has it published any interviews or announcements on its website.' Meanwhile, Hossein Ali Hajideligani, a member of the Parliament's Program and Budget Commission, told Tasnim that since the government has failed to separate the fate of the dollar from oil exports, the dollar price has reached a state of instability. This principlist representative added that the government has not seriously pursued a single exchange rate for currency. If the government had done this, the production situation and consequently the country's economic conditions would have improved, and many rent-seekers would have been cut off from the pockets of the Iranian people. In contrast, Ahmad Vafadar, a member of the Gold and Jewelry Guild's Board of Trustees, commented on the dollar price increase to ILNA, stating, 'As we approach the end of the Gregorian year, the demand for currency purchases in the market increases, which has also led to an increase in the dollar rate.' However, Fereydoun Khavand, an economic analyst, mentioned on Tuesday that factors such as the outcome of the U.S. presidential election, the poor state of the global oil market and its not-so-promising outlook, and the intensification of the fight against money laundering in Iran are influential factors in the increase of the dollar price in Iran. Khavand wrote, 'The rise of Donald Trump in U.S. politics negatively impacts Iran's national currency from another aspect. Following the resolution of the nuclear program and the signing of the JCPOA, hopes were raised that Iran's access to foreign currencies, especially dollars, would significantly increase. In fact, the Iranian government was hopeful for an increase in oil production to even six million barrels per day and an influx of foreign investments into Iran, events that could have helped stabilize Iran's national currency.' He added, 'Given the severe criticisms from the U.S. president-elect against the JCPOA, fears of a change in Washington's future policy toward this agreement have risen, and this fear naturally destabilizes the position of Iran's national currency. Currency market players in Iran naturally adjust their strategies based on the outlook of Tehran-Washington relations, which currently does not seem very promising.'