US Dollar Surges Past 236,000 Tomans in Iran as Economic Tensions Bite
The US dollar has reached a new high in Iran's free market, surpassing 236,000 Iranian tomans on Saturday. This comes as part of a broader trend of rising exchange rates for major currencies.
The euro also saw significant gains over the past week, increasing by about 5.6% to around 274,760 tomans. The British pound rose even further, gaining around 5.8% to top 319,000 tomans.
The surge in exchange rates is attributed to a combination of factors, including renewed US-Iran military tensions and a US blockade that has added pressure on Iran's economy and crude exports. Iranian oil loadings have plummeted from roughly 2 million barrels per day (bpd) in March to around 220,000-255,000 bpd in August.
In an effort to contain the pressure, Iran's central bank Governor Abdolnaser Hemmati announced that the country has sufficient foreign-currency reserves and is prepared to inject up to $2 billion into the market to curb volatility.