Rising Currency and Failure of Iran Regime to Attract Foreign Investment

NCRI – According to the state-run ISNA news agency, the dollar’s exchange rate in the foreign exchange market exceeded 5,000 Toman per dollar.

ISNA reiterated that the dollar exchange rate fluctuation in the Iranian currency market has intensified since Sunday, March 25. Due to this fluctuation, Iranian currency exchangers refuse to sell dollars and euros and other valid currencies.

Although the official dollar rate in the foreign exchange market is 4800 Toman per U.S. dollar, however, the value of the dollar in the market has crossed the boundary of 5000 Toman per dollar and was exchanged for 5023 Toman and sometimes 5086 per dollar, which is the highest dollar ever.

The rise in the price of the dollar also affected the rise in the price of the euro, so that it reached 6170 Toman per euro in the Iranian currency market. Dollar appreciation means the depreciation of the Toman and the purchasing power of people, especially low-income groups. In the past weeks alone, Toman has lost a quarter of its value.

According to observers, John Bolton’s selection as the U.S. National Security Advisor and Mike Pompeo as the country’s Foreign Minister, have had a direct impact on the volatility of the Iranian currency market and the rise in dollar price. From the perspective of Iranians, these developments mean an end to Iran nuclear deal (aka the JCPOA) as a result of the regime’s failure to attract foreign investments.