Dollar Price Surpasses 70,000 Tomans for the First Time

The dollar rate in Iran crossed the 70,000 tomans mark for the first time on the first day of the week following the issuance of a reprimand resolution by the Board of Governors against the Islamic Republic's nuclear program. An examination of the buying and selling rates of the free dollar in Iran shows that on the morning of Saturday, December 3, in addition to the dollar, the upward trend of other foreign currencies also continued. In the Iranian currency market on Saturday morning, each euro was traded at over 73,000 tomans and the pound at over 87,000 tomans. According to some reports, this price increase may be in response to the issuance of the resolution on Thursday evening, December 1, by the Board of Governors against the Islamic Republic's nuclear program and Iran's harsh reaction to it, which involved the installation of new centrifuges. Although Iran has struggled with fluctuations in the dollar rate for years, recent developments in the Middle East, especially Iran's missile attacks on Israel, Israel's attacks on some military sites in Iran, and the election of Donald Trump as the next U.S. president have once again unsettled the foreign currency market, especially the dollar, bringing it close to 70,000 tomans. Experts believe that despite the promises of Islamic Republic officials and their repressive actions such as arrests and even executions to control the dollar market, the dollar rate effectively governs the market in Iran and determines the prices of goods and services. The fluctuations caused by political developments in the Iranian currency market and the further decline in the value of the rial continue at a time when poverty in Iran has increasingly spread in recent years, with millions of people struggling to meet their most basic needs.