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Dollar-denominated liquidity fell to about $73 billion in October 2026. Liquidity peaked at about $377B in Aug 2017; now stands at $73B.
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Liquidity hits $73 billion
Iran’s dollar value of liquidity reached 73 billion dollars, according to the Iran Telecommunication and Exchange News Network, and the figure was described as among the lowest in about 20 years. The dollar strength of liquidity fell to about $73 billion in Mehr 1405 (October 2026), after the indicator reached about $377 billion in Mordad 1396 (August 2017).
Vahed Shaghaghi Shahr explained that the indicator is calculated by dividing rial liquidity by the dollar rate, so the exchange rate rising faster than the growth of the rial money supply can push the dollar value down. خبرآنلاین also reported a calculation using an exchange rate of 265,000 tomans per dollar and a liquidity volume of 19,316 “hemati,” to arrive at the about $73 billion level.
Analyst links mismatch
Vahed Shaghaghi Shahr told Khabar Online that a decline in the dollar strength of liquidity does not mean a decrease in the money supply itself, because it reflects the exchange rate rising faster than the growth of the rial money supply. خبرآنلاین said Shaghaghi Shahr pointed to a historical average of about $211 billion from 1390 to 1404, and a peak of about $377 billion in Mordad 1396, to frame the reduction to about $73 billion in Mehr 1405.
Amirabbas Aazarmvand said between Mordad 1396 and Mehr 1405 the money supply grew more than 14-fold, while the dollar rate rose 69-fold, leaving the total liquidity’s dollar value at less than 21 percent of its value nine years earlier. خبرآنلاین also reported Shaghaghi Shahr’s view that the dollar strength of liquidity helps policymakers gauge the economy’s capacity to finance imports, implement projects dependent on foreign goods, and meet foreign exchange obligations.
Pressure on forex and production
Shaghaghi Shahr said that when the dollar strength of liquidity falls, the economy’s dollar capacity to finance the budget, settle foreign exchange obligations, and undertake import-based investments becomes more limited. خبرآنلاین reported that Shaghaghi Shahr warned a sharp departure of the dollar liquidity power from its historical average could affect expectations, with the market assuming the dollar rate is low relative to the stock of rial liquidity and triggering speculative demand and renewed pressure on the foreign exchange market.
Amirabbas Aazarmvand said the rising exchange rate and depreciation of the national currency can affect the financial capacity of the economy, the ability of production enterprises to operate, and the ability to meet capital and intermediary needs of industries. A warning attributed to John Maynard Keynes said: “There is no finer and more reliable instrument than debasing the currency to overturn the foundations of society.”