Feverish Currency Market; Opponents Blame Government's Foolishness, Defenders Claim Currency Rate Decrease

With the increase of the US dollar rate in the Iranian currency market above 65,000 tomans, a new wave of concerns has arisen among the public and economic activists. Critics of the government attribute the current situation to 'foolishness,' while government defenders claim a decrease in the currency rate. Mehrad Ebad, a member of the Iranian Chamber of Commerce, told ILNA that the crisis and market turmoil we are currently facing is 'not due to information about them but rather the result of foolishness' and 'roots in the nature of our economy.' This economic activist believes that the main factor has been the weak and ineffective budgeting of governments, and sanctions have created many problems. According to this Chamber member, attributing problems to the enemy is 'projection.' On the other hand, the head of the currency committee of the Iranian Chamber of Commerce has taken a position defending the government and Ali Khamenei's policies, stating that by following Khamenei's recommendations, the country's economy and various markets, including the currency market, are well controlled, and the dollar price may return to the 60,000 tomans range or even lower. Youssef Hosseini emphasized that regional events and conflicts can impact Iran's economy and that 'the enemy does not spare any effort to complete its destructive operations in this regard.' The newspaper 'Etemad' also quoted Ramin Poladrag, a member of the Iran-Iraq Joint Chamber, stating that the only reason for the limited increase in the dollar price is political and regional events, which 'will certainly be controllable and will subside.' This economic activist also linked the fluctuations to the 'enemy,' a topic that media analysts relate to a report by Kayhan newspaper, which connects fluctuations to the media and calls for action against them. A few days ago, Kayhan wrote: 'In a situation where the country's economy is rising from the ground after heavy blows in the 1990s, some domestic media, in collaboration with terrorist Zionists, are disrupting the psychological security of society and fueling inflationary expectations to ground the economy again.' This issue has led some analysts to believe that some media outlets have overlooked currency fluctuations while others have taken on the role of defending the government and regime. Additionally, security concerns have led economic activists' statements to align with those of the Islamic Republic officials. According to reports, the currency rate has been on an upward trend since late Bahman 1402 (February 2024) after the anniversary of the establishment of the Islamic Republic in Iran, rising from the 50,000 tomans range to 61,000 tomans by the end of Esfand 1402 (March 2024). With the start of the new year, the slow and steady price increase continued until the Israeli attack on the IRGC base in Damascus, causing the currency rate to surpass 65,000 tomans. The currency market is on an upward trajectory; the dollar has reached a record of 65,000 tomans. Turmoil in Iran's financial markets; each US dollar reached 64,000 tomans. Explosion of prices in the currency market; the value of subsidies has dropped from 43 dollars to 5 dollars. Gold coins surpassed 41 million tomans, and the dollar reached 63,000 tomans; price explosion in the market. The dollar surpassed 62,000 tomans; economic aftershocks of the attack on the Islamic Republic's consulate in Damascus. Gold coins reached 40 million tomans; tension in the gold and currency market. Rise in global gold prices; market fluctuations in the new year and public confusion.