Dollar in Iran's Free Market Surges Again to 13,000 Tomans

The price of the dollar in Iran's free market has once again surpassed 13,000 tomans, marking the highest level since November of this year. On Tuesday, February 18, the dollar price increased by approximately 550 tomans (4.5%) compared to the previous day and has nearly tripled compared to the same day last year, when the dollar was priced at 4,575 tomans. The delay in reviewing the Palermo Convention bill by the Expediency Council appears to have caused the surge in the dollar price, which has increased by about 1,000 tomans since Sunday. According to several members of the Expediency Council, the council was unable to reach a conclusion on the approval or rejection of the Palermo bill during its session on Saturday, February 16, and the decision regarding Iran's accession to the Palermo Convention has been postponed to the next meeting. The Palermo bill is one of four bills proposed by the government to meet the expectations of the Financial Action Task Force (FATF), which has given Iran a four-month deadline (ending in February; 10 days from now) to approve and implement these bills. This week marks the end of Iran's opportunity to pass these bills. The suspension of the Palermo bill review coincides with the FATF's meeting that started on Sunday for five days, during which Iran's accession to the FATF will also be discussed, with observers' assessments of Iran to be presented on Friday. Images released by news agencies from the Expediency Council's meeting on Saturday show the empty chair of Hassan Rouhani, the President of Iran, who has refrained from attending meetings in protest against the indecision regarding these bills. Meanwhile, another of the four bills, known as the Countering the Financing of Terrorism (CFT) bill, has not even been placed on the council's agenda due to disagreements between the Islamic Consultative Assembly and the Guardian Council. It is uncertain what path the dollar price will take in the coming days; however, during the summer, the dollar price peaked at 19,000 tomans on some days but has since declined since October. Iran claims to have controlled the currency market, and many individuals have been arrested and prosecuted in recent months on charges of 'disruption of the currency system.' Mohseni Ejei, the spokesperson for the judiciary, announced on February 17 the names of 14 individuals convicted in special courts related to currency, 11 of whom were sentenced to 10 to 25 years in prison. Abdolnaser Hemmati, the Governor of the Central Bank of Iran, confirmed the relative increase in currency prices on his Instagram account on Sunday, stating that the Central Bank will take necessary actions if needed.