US Dollar Increased by 900 Tomans in One Day: Entering the 59,000 Tomans Channel

The price of the US dollar in the Iranian market on Tuesday, March 8, saw an increase of about 900 tomans compared to the previous day, surpassing 59,000 tomans; some experts and users attribute the "flight of the dollar" to the performance of President Raisi's government. According to the website "Banasbast," which tracks currency and gold rates in the Iranian market, one US dollar was sold for 59,050 tomans on Tuesday, March 8, and the price of one gold coin known as the "Imami plan" reached 34 million and 200 thousand tomans. The surge in the dollar and other foreign currencies in the free market of Iran has sparked a wave of reactions among experts and social media users. Davood Soori, an economist, reacted to the rising dollar trend and its peak price in the Iranian market, sarcastically writing on social media platform X: "Since they said they do not recognize the dollar, it has taken a turn and headed towards the mountain! What a lack of perspective!" Ben Sabti, an expert on Iranian and Israeli issues, compared currency fluctuations in the two countries and indirectly referred to officials' claims of "security" within Iran, stating: "In Israel, there has been war for five months, but the dollar and prices have come down; in Iran, three days before the 'elections,' the dollar has gone up significantly and the stock market has dropped, but 'at least we have security.'" Some active users in trade and investment markets have attributed the rising dollar price to government decisions, stating that "the government has taken the oil sales money out of the country," and part of the capital has also exited the stock market in the form of currency. Some have speculated that the "flight of the dollar" could reach "70,000 tomans" by the time of the elections in the coming days. On Monday, the price of one US dollar in the Iranian market was equivalent to 58,250 tomans, and reports indicated a "second major drop" in the stock index; a trend that, according to reports, continues to rise. Previously, Ahmad Alavi, an economist residing in Sweden, told Voice of America that the budget for the year 1403 would exacerbate poverty and misery for the Iranian people. Alavi also mentioned to Voice of America that a significant portion of Iran's oil revenues is wasted through the patronage of the Revolutionary Guards and religious institutions.