Following the announcement of Masoud Pezeshkian's victory, a reformist candidate, in the Iranian presidential election, the overall stock index rose by 60,000 units, and the value of the rial against the dollar improved. On Saturday, July 16, the Tehran Stock Exchange index reached 2,161,000 units, indicating a 2.9% increase. The capital market had ended the previous Wednesday with an index of 2,100,000 units. The equal-weighted index also surpassed 690,000 units with a growth of 16,000 units today. Meanwhile, the dollar was traded at 58,700 tomans in the free market, which is 650 tomans lower than the previous day. The dollar rate had increased to 62,250 tomans on July 10, the day after the first round of the presidential election, when conservative candidate Saeed Jalili's chances of victory rose. Conversely, the Tehran Stock Exchange index had fallen by 23,000 units, more than 1%, dropping below 2,073,000 units. During his campaign and debates, Masoud Pezeshkian repeatedly stated that lifting sanctions and removing Iran from the Financial Action Task Force (FATF) blacklist would be priorities for his government. Since the implementation of U.S. sanctions against the Islamic Republic in 2018, the national currency has lost nearly 90% of its value, with a significant portion of the rial's depreciation occurring during the presidency of Ebrahim Raisi. The Iranian rial is currently the least valuable currency in the world. The 14th presidential election in Iran was held after Ebrahim Raisi lost his life in a helicopter accident in the northwest of the country. In recent years, the stock index and the dollar rate in the Iranian free market have fluctuated significantly in response to political events, but none of these changes have been sustainable or positively impacted the quality of people's lives.
Stock Market Growth and Dollar Rate Decrease Following Pezeshkian's Victory Announcement
Masoud Pezeshkian, a reformist candidate, won the Iranian presidential election, leading to a significant rise in the stock market and a decrease in the dollar rate. This victory is seen as a potential shift in economic policy, particularly regarding sanctions. The fluctuations in the economy highlight the instability and challenges faced by the Iranian populace.
👥 Key Players
📰 What Happened
Masoud Pezeshkian, a reformist, won the Iranian presidential election, leading to a rise in the stock market and a decrease in the dollar rate. This reflects optimism about potential economic reforms and improved international relations.
- The Tehran Stock Exchange index rose by 60,000 units following Pezeshkian's victory.
- The value of the rial improved against the dollar, with a decrease of 650 tomans in the dollar rate.
💡 Why It Matters
📚 Background
Iran has faced severe economic challenges due to international sanctions, particularly under the presidency of Ebrahim Raisi. The Iranian rial has significantly depreciated, affecting the economy and citizens' quality of life.
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Translation confidence: 85%