Dollar Hits 61,000 Tomans in Iran; Expert: Central Bank Auctioned Coins at '93,000 Tomans per Dollar'

As reports from the currency market in Iran indicate, the price of one US dollar has broken historical records, entering the 61,000 tomans range, while each gold coin known as 'Imami Plan' is sold for 36 million and 700 thousand tomans. An economic expert states that the Central Bank of the Islamic Republic auctioned coins at a rate of 93,000 tomans per dollar. According to the Ban-Bast website, which tracks the fluctuations of foreign currencies and gold in the Iranian market in real-time, the price of the US dollar reached 61,000 tomans, breaking the historical price of the US currency in Iran's economic history. The fluctuations in foreign currency rates in Iran occur in a context where prices change momentarily; during the writing of this report, it increased from 60,900 to 61,050 tomans. Some observers predict that the price of the dollar will continue to rise until the year 1403 in the Iranian calendar, which begins in 15 days. Vahid Shaghaghi Shahr, an economic expert, told ILNA news agency that while the Central Bank claims it does not recognize the free currency market, it auctioned coins at a rate of 93,000 tomans per dollar. He stated that on Sunday, the Central Bank auctioned coins 'at a rate of 93,000 tomans per dollar.' According to ILNA, the second gold coin auction session will be held tomorrow, Wednesday, March 16, 1402. The momentary increase in the dollar price in the Iranian market comes as an internal media outlet recently reported that 'half of Iran's population lives below the absolute poverty line,' referring to a 'wide class gap' in Iran. Ahmad Alavi, an economic researcher and university professor in Sweden, attributes the increase in the dollar and foreign currency rates to fundamental factors such as the defective structure of Iran's economy, the inefficiency of government institutions, inflation, and the continuation of the government's budget deficit. Reports indicate that the living conditions of various social classes in Iran have worsened, and according to this economist, 'plunder and rent-seeking' by the Islamic Republic have led to 'budget imbalance' and 'widespread corruption' in Iran's economy.