Following Record Highs of Gold and Dollar in Iran; Head of Economic Security Police Reports Arrest of Dozens of 'Currency Brokers'

In the wake of record-breaking prices for gold and currency in Tehran's market, which saw the dollar reach 61,000 tomans and the price of gold coins surpass 37.5 million tomans, Hossein Rahimi, head of the Economic Security Police, has reported the arrest of dozens of 'currency brokers.' Rahimi emphasized that over 50 operations against 'currency brokers' and those involved in 'forward transactions' have been conducted this year. The head of the Islamic Republic's 'Economic Security' police attributed market fluctuations to 'foreign factors' and claimed that 'the enemy is planning to disrupt the currency market.' The security measures in the market have intensified after the dollar exceeded 61,000 tomans in the free market, causing concern among the public and economic actors. This record-breaking dollar price occurred after the names of individuals elected to the parliament were announced following the elections. Some observers believe that the ideological approach of these individuals and their lack of expertise in economic issues and policymaking have led to public anxiety. Additionally, the demand created in the final days of the year and international developments have impacted Iran's currency market. On Saturday, March 10, the price of gold coins in Tehran's gold market also crossed 37.5 million tomans, marking a historical record for gold coins in Iran alongside the global rise in gold prices. Meanwhile, the Central Bank of the Islamic Republic has begun auctioning quarter gold coins at the gold and currency exchange center to control prices. However, this auction has been fraught with controversy, as the sale of quarter coins at prices exceeding 11 million tomans has sparked reactions. In this context, economic expert Vahid Shaghaghi Shahr has stated to ILNA on March 6 that while the Central Bank 'claims not to recognize the free currency market,' it 'auctioned coins based on a dollar value of 93,000 tomans.' The second round of the coin auction was held on March 7, where the sale of quarter coins at 12,588,000 tomans again faced criticism from experts, as the new auction's dollar price was set at 100,000 tomans. This rise in prices in the currency market has fueled inflationary concerns in the coming months. Economic expert Jamshid Asadi told Voice of America that the increase in currency and gold prices in Iran's market is not a bubble but reflects the reality of the national currency's value.