The exchange rate of gold, U.S. dollar, and other foreign currencies in the Iranian free market has experienced a significant and hourly increase. At the time of this report, the exchange rate for one US dollar had reached “55,700 tomans.”
According to the Bonbast website, which reports the exchange rates of foreign currencies and gold in the Iranian market, within just one hour, the price of each US dollar increased by “2,500 rials,” and each gold coin increased by “1 million rials” (approximately $2).
The financial markets in Iran have been turbulent in recent days, with the price of the US dollar rising from 540,000 rials on Sunday, January 21, to nearly 560,000 rials within three days.
According to IRNA news agency, the main index of the stock market, at the end of Tuesday’s trading on January 23, experienced a decline of 26,000 points, reaching 2.129 million units, and 9,160 billion rials (approximately $16.5 million) worth of liquidity was withdrawn from the stock market.
According to Jahan-e-Sanat daily, Vahid Shaghaghi Shahri, an economist, emphasized that “no management takes place in the stock market” and that “this market is completely abandoned.”
According to Shaghaghi, “each ministry and entity continuously issues directives and changes them.”
Shaghaghi Shahri also emphasized that “the issued resolutions constantly manipulate the rates and key variables affecting the stock market, which creates confusion,” and “in these conditions, shareholders buy shares, but then they see that a sudden resolution has a negative impact on the profitability of companies.”
Furthermore, Siamak Ghasemi, an economic expert in Iran, attributed the range of fluctuations in the coin market to repressive policies and “manipulating markets with directives,” and he posted on X that this trend “has no benefit other than driving people’s capital to unofficial and cash markets,” and the authorities “never once thought of reasons beyond closing and restricting.”
