The Rise in Dollar, Gold, and Car Prices Accelerates in the Iranian Market

Reports from news sources in Iran indicate that the price of the dollar increased again on Monday, June 11, reaching 6,900 tomans. The price of gold coins has also surpassed 2,500,000 tomans. Meanwhile, the prices of various cars have increased by 2 to 40 million tomans over the past 10 days. According to currency rate websites and Telegram channels, including the 'Daily Currency and Gold Prices' channel, the dollar price was 6,730 tomans in the morning on Monday and reached 6,900 tomans by the end of the day. The price of gold coins on Monday reached 2,448,000 tomans, with some reports indicating it has crossed the 2,500,000 tomans mark. This price is 400,000 tomans higher than a week ago. The price of the full Bahar Azadi gold coin also increased by 150,000 tomans to reach 2,450,000 tomans on Sunday. After the dollar price reached 6,000 tomans on April 9, the government of Hassan Rouhani issued directives to reduce the dollar rate, setting it at a 'fixed' rate of 4,200 tomans and prohibiting the holding of more than 5,000 euros. However, since then, the prices of various foreign currencies have not only failed to decrease but have accelerated in recent days. Ahmad Alavi, an economist, analyzed the reasons for the rapid increase in gold and currency prices in Iran. The ISNA news agency reported on Monday, citing 'currency market analysts,' that 'it is now time for the Central Bank to change the currency path and recognize the currency market.' Kamabiz Afseri, a currency market analyst, pointed to the approaching deadline set by the U.S. for imposing sanctions on European companies cooperating with Iran as one of the reasons for the increase in currency prices. He also mentioned that a group of people were waiting to see the market situation, but due to the lack of price reduction, 'it is time to secure the currency they need, leading to increased demand in the market.' Meanwhile, Mohammad Kashti Aray, head of the National Gold and Jewelry Union, stated that the global gold price has not changed much compared to last week, and only increased demand in the market has raised the prices of gold and coins. Following the U.S. President's decision to withdraw from the nuclear agreement with Iran, the United States has warned European companies that they have a maximum of six months to terminate their transactions and contracts with Tehran. The increase in currency prices in recent months has also led to higher prices for household appliances, electronics, and cars. The 'Asr Iran' website reported that the prices of some cars have increased by 2 to 40 million tomans over the past 10 days. According to this website, the exit of some companies, including Peugeot, Citroën, and Hyundai, from the Iranian market has been one of the reasons for the price increases, with the price of the Peugeot 2008, the first jointly produced car by Peugeot and Iran Khodro under a joint contract, increasing by 25 million tomans. This website also cited the limited supply of cars from automakers as another reason for the price increases. However, Mojtaba Khosro Taj, Deputy Minister of Industry, Mine, and Trade of Iran, announced that 'there is no obstacle to registering car orders by representatives' that could have caused the increase in car prices. Mr. Taj also mentioned that he has not had the opportunity to investigate the reasons for the increase in car prices. Farhad Eteshamzadeh, head of the Association of Car Importers, had previously stated that very few car importers have been able to obtain the 4,200 toman currency. He also mentioned that even if all importers receive the 4,200 toman currency, the prices of foreign cars in Iran will not decrease.