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The dollar takes flight in the sky of Iran

The dollar takes flight in the sky of Iran
ID : N-1565 Date : 2018/04/08 - 15:07

(Persia Digest) – Currency prices have been going through a bull market in Iran over the course of the past couple of days. In IRR currency, the US dollar was exchanged for tomans 5220 yesterday, showing a leap of tomans 130/dollar. Ascending prices continued this morning to reach tomans 5750 by 14h00 hours. The euro has also passed the 7160 toman mark. Other currencies, including the pound sterling, have reached unprecedented prices.

The currency market crisis created long queues outside exchange offices in the capital, prompting law enforcement to enter the Iranian currency market, giving it an aura of uncertainty and disquiet.

Reacting to the unparalleled price increases, an MP has announced that 100 signatures have been collected for a question time with the President. MP Jabbar Kouchakinejad mentioned the content of the compiled questions, and said: “The currency market turmoil, issues faced by credit institutions, unemployment rates, and the economic downturn are some of the questions that will be discussed with the President.”

The President’s cultural advisor, Hessam-e-Din Ashena, tweeted: “Currency prices will drop, but not by appeasing hardy currency speculators and hardened smugglers dominating Erbil and Istanbul.” He has not given any further explanations.

Another fundamentalist MP, Haji Deligani, has also criticized the President and asked for the resignation of the CBI CEO, saying: “If no changes are made, it means the President is satisfied with the status quo and this will elucidate everything for the people.”

Despite the dollar being exchanged at a rate of over tomans 5000 on the free market, the portal of the Central Bank Supervision System continues to show the price at under tomans 5000.

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