Rise of the Dollar and Fall of the Stock Market in Iran; An Expert: Those Remaining in the Stock Market Have 'Stockholm Syndrome'

As the price of the dollar continues to rise in the Iranian market, the capital market has faced its 'second winter crash.' An economic expert states that those who remain in the Iranian stock market are suffering from 'Stockholm syndrome.' According to the latest report from the 'Banasb' website, which reports on foreign currency and gold prices in Iran, on the evening of Tuesday, March 3rd, Tehran time, each US dollar was sold for 58,250 tomans, and the price of each full coin known as 'Imami plan' reached 33,550,000 tomans. Meanwhile, the 'Khabar Online' website reported that the 'second major crash' in the last month of the year has caused the 'stock index to once again reach its resistance floor, namely the range of two million units.' The Mehr News Agency also announced that the overall stock index faced a 'stubborn drop of over 16,000 units' at the end of trading on Tuesday, and currently, 'the value of small transactions is at its lowest level.' According to this report, 'a kind of lethargy and stagnation' has gripped the capital market, and in today's trading, '560 stock symbols are in a negative state' while 'only 34 symbols are in a buying queue.' Some media outlets have also pointed to a '112 billion dollar drop' in the total value of the capital market since the beginning of the thirteenth government of the Islamic Republic, stating that its current value is '144 billion dollars.' Siamak Ghasemi, an economic expert, reacted to the state of the stock market on the social network X, writing: 'Those who are still in the stock market have Stockholm syndrome.' 'Stockholm syndrome' in psychology refers to a phenomenon where a prisoner or hostage develops feelings of empathy and loyalty towards their captor and surrenders voluntarily without resistance. In recent days, with the continued decline of the capital market in Iran, a number of shareholders held a protest gathering in front of the Tehran Stock Exchange building. According to the results of a survey, the financial literacy score of Iranians is 'about 35 out of 100' and lower than that of people in Yemen, Cambodia, and Paraguay. Reports indicate that the poverty line in Iran for a family of four has exceeded 25 million tomans, and the Workers' House, a labor organization affiliated with the government, has emphasized that living conditions for people have become very difficult, stating that 'we will witness a hundred percent increase in inflation,' and inflation below 50 percent is no longer relevant. Previously, Ahmad Alavi, an economist residing in Sweden, stated in an interview that the budget for the year 1403 will exacerbate poverty and misery for the people of Iran. He also mentioned that a significant portion of Iran's oil revenues is wasted due to the interests of the Revolutionary Guards and religious institutions.