Financeupdated 47m ago2 min read
US Dollar Hits 274,000 Tomans in Iran as Maritime Sanctions Halt Oil Exports
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Dollar hits about 274,000 tomans in Iran's open market. Gold and coin prices rise as the exchange rate climbs.
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Dollar jumps, rial falls
Popular Telegram channels reported that the next-day dollar in Iran rose to 274,050 Tomans on Thursday night, 30 Mehr, Tehran time. The Wall Street Journal reported on Wednesday, 29 Mehr, that Iran’s crude oil reserves in the Islamic Republic’s tankers, stationed in Asian waters and serving as a backing for oil exports and the regime’s revenue during the war, were completely evacuated by mid-October.
The United States said that since the implementation of the second round of maritime sanctions by American forces, the Islamic Republic has been unable to export oil by sea, challenging the inflow of foreign currency into Iran. IranWire said the price of the US dollar in Iran’s open market rose once again, reaching 274,000 tomans, and it said the dollar had previously crossed the 270,000-toman threshold on October 4 before retreating to approximately 260,000 tomans.
Central bank and uncertainty
Amir Abbas Azarmond said that after an unprecedented jump in the exchange rate and consecutive price records up to Mehr 11, the Central Bank entered the market by supplying dollar bills to applicants.
Kamran Naderi said that one cannot ignore the central bank’s intervention in stopping the rising prices, but he said that given the prevailing uncertainties and the unclear status of foreign exchange reserves, one cannot be confident about the continuity of this situation.
Naderi said, "These actions were effective. The evidence we have is nothing but market prices, which show that the proposed goals have not been achieved and the central bank has taken no action other than injecting currency into the market."
Naderi said uncertainty is one of the most important problems facing Iran’s economy, and he said a stable exchange rate is not very realistic under sanctions, a naval blockade, and the risk of armed conflict still looming over the economic space.
Prices, gold, and policy
IranWire said the exchange rate surge spilled over into the gold and coin market as well, and it said 18-karat gold reached 27.2 million tomans per gram while Emami gold coins traded at 274.5 million tomans. IranWire said spot gold fell by $49 to reach $4,083 per ounce on international markets, while it said the divergent paths of gold prices in Iran compared to the global market showed that the rising dollar rate domestically had completely neutralized the effect of dropping global gold prices.
Shafaq News said Iran's central bank announced plans to inject up to $2 billion into the foreign exchange market through state-owned banks to support the currency and curb volatility. Shafaq News said the US dollar trading at 272,200 tomans on the parallel market, and it said the toman has depreciated sharply in recent months amid restrictions on oil exports and reduced foreign currency inflows.