Dollar in Iran's Currency Market Approaches 4800 Tomans

The price of the US dollar in Iran's currency market has once again set a new record, surpassing 4780 tomans and getting closer to 4800 tomans per dollar. According to ISNA news agency, the price of each dollar on Sunday, February 4, increased by 128 tomans compared to Saturday, February 3. Meanwhile, Tasnim news agency reported the latest dollar rate in the country's currency market at noon on Sunday as 4790 tomans. On Saturday, Tasnim cited currency exchange offices and market participants stating that the main reason for the dollar's rise these days is 'supply shortages' and 'increased prices of currency distributed by bank exchange offices to selected exchanges.' However, the National Bank of Iran stated in a notice that all currency demands from authorized exchange offices would be met 'until the end of the current year.' Reports also indicate that the new design coin increased by 13 thousand tomans compared to Saturday, trading at one million 517 thousand tomans in Iran's gold market. The price of the euro also reached over six thousand tomans on Sunday. These figures represent new records in the exchange rate of the Iranian currency against foreign currencies. The upward trend of the dollar and euro prices in Iran's currency market continues, despite the fact that on February 27, Valiollah Seif, the head of the Central Bank of Iran, had announced a decrease in currency rates in the coming days. Meanwhile, the Tabnak website, close to Mohsen Rezaei, quoted several currency traders as saying, 'In the past two years, February has mostly been accompanied by a decrease in the price of the dollar, and the high demand during this time of year is a sign of a different market situation.' The dollar price also reached the threshold of 4700 tomans on the first day of February; however, according to reports, after the entry of dollars provided by the Central Bank to exchange offices, its price returned to 4595 tomans. Previously, Fereydoun Khavand, an economics professor and economic expert, told Radio Farda that the Central Bank of Iran always keeps the dollar price artificially low by injecting currency into the market to control inflation, but when there is tension at the domestic or international level, the 'spring of currency prices' is released, and the dollar price jumps.