Dollar Price in Iran's Free Market Breaks the 3400 Toman Barrier Again

Reports indicate that despite a decrease in the price of the dollar and gold following the Vienna nuclear agreement, the prices of various foreign currencies have once again increased, with the IRNA news agency reporting that the dollar has "broken the 3400 toman barrier again." On Tuesday, September 10, each US dollar in Iran's free market was traded at 3405 tomans, an increase of 23 tomans compared to Sunday, while each euro was sold for 3850 tomans, up by 50 tomans. Charts from some exchange offices in Tehran show that prices have been steadily rising since early Tuesday morning. According to IRNA, on Monday, the price of a new design gold coin increased by 1000 tomans to 920,000 tomans, the old design coin rose by 4000 tomans to 919,000 tomans, and the half coin increased by 1000 tomans to 471,000 tomans. Officials from the Central Bank and the Ministry of Economy have not commented on the reasons for the rise in foreign currency prices, but Mohammad Kashti Aray, head of the Iranian Gold and Jewelry Union, stated on September 1 that the increase in global gold prices has led to a rise in domestic demand, causing turmoil in the market. The nuclear agreement between Iran and six world powers on July 14 of this year caused a temporary decrease in the prices of foreign currencies and gold. Mr. Kashti Aray noted that following this agreement, on July 7, the price of gold and coins reached their "lowest level" in the past three years. One day prior, IRNA had reported that the price of each US dollar had reached 3247 tomans and the euro had reached 3630 tomans. On July 14, after the Vienna nuclear agreement, the price of each US dollar dropped to around 3180 tomans, but on July 15, it rose by 65 tomans to 3245. Since then, the prices of foreign currencies in the Iranian market have generally been on the rise, and according to reports from websites, on Tuesday, each dollar was sold for 3400 tomans and each euro for 3865 tomans.