Gradual and Steady Increase in Currency Prices, Dollar Returns Above 56 Thousand Tomans

A review of websites and channels reporting gold and currency prices shows that the dollar is gradually increasing, reaching 56,100 tomans today, Wednesday, February 14. According to this report, the dollar has experienced severe fluctuations in the past month, rising from the 50,000 tomans range to the 60,000 tomans range, and then returning to the 54,000 tomans range. On February 14, 2023, experts attributed this price drop to the Central Bank's program of attracting deposits with a 30% interest rate and the supply of gold and coins. Accordingly, with the initial effects of these policies fading in the market and the end of the deposit acceptance period, the price of currency in the free market has begun to rise again. Experts believe that considering the U.S. Treasury policies and the approaches of Iran's neighbors regarding currency relations, the dollar will maintain its upward trend. In this context, Reuters reported on February 3 that after a visit by a senior U.S. Treasury official to Iraq, eight Iraqi banks were banned from U.S. dollar transactions. Previously, the Iraqi government had also prohibited its banks and exchange offices from currency transactions with Iran. A U.S. Treasury spokesperson stated that Washington will continue to be a partner to Iraq in protecting its financial sector from the Islamic Republic of Iran or other malign actors. The Central Bank has sold gold bullion at the free dollar price to control the dollar; Iran's deposits in foreign banks have decreased by $3.5 billion, indicating an impending 'economic tsunami.' Alongside the increase in currency rates, there are fluctuations in the prices of meat and chicken in the free and official markets, and the prices of imported vehicles in the Iranian car market have increased by about one billion tomans. The market has come to a standstill with the rise in the dollar price; buying and selling goods has stopped. Concerns over a U.S. attack have pushed the dollar into the 60,000 tomans range.