A Summary Of Toman's Situation And Review Of Recent Events

Date: Feb 27, 2023, 15:53

Before starting the article, I recommend you to read the article posted on our website under the title “Why Is the Value of Iranian Rial Decreasing? Does The Price Downturn Continue?”

Recent events in Iran, from the various sanctions against Iran to the internal protests of some Iranians against the government of the Islamic Republic of Iran and the inflation rate of over 50%, have all gone together and caused the value of the Toman (Iranian Rial) to decrease against other currencies, especially the dollar. So that yesterday one American dollar was traded in the Iranian markets for approximately 61,000 Tomans, which is considered the highest price of the dollar in the history of Iran. Meanwhile, the value of 1,000 Iranian Tomans reached 1.50 Afghanis in the Khorasan market of Herat Province, which is the cheapest Toman price in the history of Afghanistan.

At the same time, Amir Abdullahian, the Minister of Foreign Affairs of Iran, said that Mr. Fawad Hossein, after returning from his trip to Washington, was carrying a message from the American side, which says that the American side is ready to conclude the agreement. In response to this message, Iran's foreign minister said: We have always welcomed the path of diplomacy and negotiation and have not distanced ourselves from negotiations. Also, Mr. Abdollahian thinks that if the American side acts realistically within the framework of the message it has sent and of course does not repeat "previous hypocritical media statements", they will not be far from an agreement.

While the dollar recorded a historical record of 61,000 Tomans yesterday, it immediately dropped from around 61,400 Tomans to 53,380 Tomans in almost an hour. It is said that experts have called this drop a price correction and expect higher prices for the US dollar. On the other hand, some market participants called the unofficial and unconfirmed signals of the JCPOA as the reason for the fall of the dollar.

As mentioned in the previous article, if the current situation and conditions of Iran continue in the same way, the price fluctuations will also continue in the same way and the Iranian Rial will probably experience a further decrease.

IRR


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