US Dollar Breaks Record Price of 13,000 Tomans in Free Market

Reports from the free currency and coin market in Iran indicate new record prices. The latest recorded price for each US dollar is 13,000 tomans as of the evening of Monday, September 2, marking an unprecedented high for this currency. Just hours before this price was recorded, each dollar had crossed the 12,000 toman mark, and the price of each coin reached 4,585,000 tomans. These figures indicate that the value of the Iranian rial has lost up to 15% of its value in the past three days. The national currency of Iran has fallen more than 70% in value over the past year. According to reports, the price of each euro was also traded at 14,150 tomans, the pound at 15,744 tomans, and the Emirati dirham at 3,311 tomans. The new design of the full Bahar Azadi coin was traded at 4,585,000 tomans, while the old design was sold for 4,011,000 tomans. The newspaper 'Donya-e-Eqtesad' analyzed the market situation on Monday, stating that 'it seems that the return of fluctuations to the markets was due to the renewed demand for speculation and precautionary measures. On the other hand, according to activists, the repeated breaking of price levels has led to a significant influx of technical demand into the market.' The site added: 'Some other activists believed that there is also seasonal demand for student migration in the market; influenced by this type of demand, the price of the Canadian dollar had reached about 9,800 tomans yesterday.' What markets will see price movements? One of the main reasons cited for the renewed tension in the Iranian coin and currency market despite the implementation of new currency policies is the statements of Abdolnaser Hemmati, the head of the Central Bank. Mr. Hemmati stated on Saturday that 'currency reserves are the honor of the Central Bank' and the policy is that 'the resources of the Central Bank should not be used to regulate the currency market,' and that control of the currency market should be achieved through the entry of resources from non-oil exports. However, economic analysts and market activists say that exporters of non-oil goods, who are required to provide their currencies to the market to balance it, only bring a portion of it into the market, which is insufficient to meet the needs. Is the honorable rhetoric of the Central Bank Governor effective? According to statistics provided by the head of the Central Bank of Iran, the amount of non-oil exports from Iran is 40 billion dollars per year. On the other hand, with the approach of the main US sanctions deadline on November 4, which is set to target Iran's oil industry, the future outlook for economic activists has become bleak, and the statements of Islamic Republic officials have not been able to restore calm to the market. The financial markets of Iran, which have been severely turbulent in recent months, briefly calmed down after the Central Bank's new currency policies were introduced on August 7, to the point where the price of the dollar fell below 10,000 tomans. However, in recent days, the prices of currency and gold coins have risen sharply, and according to a report from ISNA news agency on Sunday, 'market activists' say: 'Now, ordinary sellers are very hard to find in the market, and if there is a seller, they are individuals who are trading for speculation.' Following the US withdrawal from the nuclear agreement with six world powers known as the 'JCPOA' on May 8 of this year, the economic situation in Iran has become tense, and in addition to the decline in oil exports in the past month, the prices of essential goods, currency, and coins have also sharply increased. A video released on social media on Monday showed scenes of gatherings of people in Manouchehri Street in Tehran related to the increase in currency prices: In this regard, the price of the dollar in the free market in Tehran has again reached the 12,000 toman mark. The Iranian parliament has approved an urgent plan to provide 'essential goods.' The head of the Central Bank stated: 'To avoid falling into the American trap, we had to change currency policies.' With today's price of a Paykan, what car could have been bought ten years ago? Changing the playing field of 'proxies'; a war against the people in the streets of Iran. The Iran crisis; the responsibility of the opposition and the possibility of radicalizing Iranian society. The death of the last Mossad representative in Tehran amid the Iran crisis.