Dollar Reaches 9,000 Tomans, Coin Hits 3,300,000 Tomans

According to reports, on Sunday, July 31, the price of each US dollar in the unofficial market of Tehran reached around 9,000 tomans, while the price of gold coins also reached approximately 3,300,000 tomans. Meanwhile, the Tasnim news agency reported that the atmosphere of the coin market has become 'security-oriented,' and the deputy commander of the police announced that 300 individuals, whom he referred to as 'disturbers of the currency and coin market,' have been arrested. According to ISNA news agency, the price of the dollar, which had been between 7,800 and 8,100 tomans over the past two weeks, rose to 8,950 tomans on Sunday. The report also stated that the price of the euro increased to 10,400 tomans on the same day. Additionally, according to Telegram channels, the price of the dollar increased several times on Sunday, reaching 9,000 tomans. Channels reporting daily gold and currency prices described the increase in currency prices on Sunday as 'momentary.' According to Fars news agency, the new 'Bahare Azadi' gold coin in the Tehran market increased by 124,000 tomans to reach 3,287,000 tomans. However, some Telegram channels reported the price of the coin to be around 3,300,000 tomans. A day earlier, the price of the coin had jumped by 180,000 tomans to over 3,130,000 tomans. ISNA attributed one reason for the increase in the dollar price to rumors about the elimination of travel currency. The sharp increase in the dollar price on Sunday occurred hours after Hassan Rouhani, the President of Iran, reiterated the threat of closing the Strait of Hormuz, warning American officials not to 'play with the lion's tail, as it can be regrettable.' IRNA news agency also reported on Saturday, citing gold and coin industry activists, that the surge in coin prices is partly related to the impending US sanctions against Iran. The increase in currency prices comes as government officials announced the establishment of a 'secondary currency market' after the failure of the single-rate currency policy on July 4, which would set a three-rate currency system, allowing for currency transactions for 'non-essential goods' between exporters and importers. In recent months, government and judiciary officials have repeatedly reported on the arrests of what they call 'disruptors' in the currency and coin market. Meanwhile, Iskandar Momeni, the deputy commander of the police, announced on Sunday that 300 individuals, whom he referred to as 'effective in creating disruption and disorder' in the coin and currency market, have been arrested. He also mentioned that some Telegram channels and social media accounts that were 'creating turmoil' have been blocked and their operators arrested. Many analysts have previously stated that 'security measures,' while they may prevent currency price increases in the short term, will not have a long-term effect.