Thursday 23rd May 2019 

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News: Iran Economy

Iran: The Critical Situation of Currency Market Under Rouhani

NCRI - The economic policy of Rouhani’s government was aimed at making US Dollar as well as other foreign currencies single-rated, as was the Central Bank’s monetary policy. Now, however, it’s said that with the currency market in turmoil, US Dollar is offered at four different rates.

Iran’s currency market is now beyond being controlled or directed by the government, Ministry of Economy, Central Bank or the Iranian regime’s banking system, with presence of four different rates for foreign currencies being the best sign of such a lack of control and coordination.

The four different types of currency exchange rates are the ones offered by exchange offices in Tehran’s Estanbul Crossroads, selected exchange offices, banks and finally the official exchange rate offered by the government.

One of Rouhani’s promises during the election show was to minimize the difference between multiple rates for foreign currencies, a promise he failed to fulfill, so that for the time being the value of foreign currencies in Iran’s currency market is subject to sharp fluctuations.

Regime’s media are reporting on turbulent times in Iran’s currency market, predicting that it would be quite unlikely for Rouhani’s government to be able to move forward with its single-rated currency policy.

fluctuating around 3500 tomans for a relatively long period of time, the value of US Dollar abruptly crossed 4200 tomans due to a turmoil in the currency market. The issue was discussed in regime’s parliament and Rouhani’s government was forced to intervene, with no significant outcome, however.

According to state-run media, the situation of the currency market is currently quite critical. That’s why the case of Rouhani’s single-rated currency should be regarded as dismissed.

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