Iranian Toman Crashes Past Record 207K Mark Amid Economic Strain
The Iranian toman has fallen to new depths in Iran's free market. On Sunday, the US dollar reached 207,300 tomans at one point, according to data from Tejarat News, a website that tracks exchange rates. This marks a record high for the dollar against the toman.
The euro also rose to around 239,830 tomans in the same market. The dollar traded between roughly 203,400 and 206,400 tomans on Saturday, showing significant volatility.
The value of the toman has been affected by several factors, including high inflation and economic strain. Iran's Statistical Center reported annual inflation of 66% in July, with prices 87.9% higher than a year earlier and food inflation at 128%. Additionally, oil shipments to China, Iran's largest crude customer, have fallen to about 534,000 barrels per day in August from 823,000 bpd in July.