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Economy

Iranian Currency Market Volatile Ahead of Presidential Election

June 24, 2024
1 min read
The Iranian currency market has experienced volatility in the days leading up to the country's presidential election, with the US dollar reaching 61,000 tomans on Monday
The Iranian currency market has experienced volatility in the days leading up to the country's presidential election, with the US dollar reaching 61,000 tomans on Monday

The Iranian currency market has experienced volatility in the days leading up to the country's presidential election, with the US dollar reaching 61,000 tomans on Monday.

The price of a gold coin rose to 42 million tomans, while a gram of 18-carat gold traded at 3,461,000 tomans.

Media outlets attribute this surge to increased demand during the summer season and uncertainty surrounding the upcoming presidential election, scheduled for June 28.

The upward trend in foreign exchange rates began four days before the election, highlighting the market's sensitivity to political developments.

Tejarat News reported that the presidential election is currently the most significant factor influencing financial market participants.

With the annual inflation rate reaching about 50 per cent, Iranians have been scrambling to convert their savings into hard currencies or gold.

Under the 2015 nuclear deal, most international economic sanctions were scrapped in exchange for limitations on Tehran's nuclear program, which helped the currency revive.

But former United States President Donald Trump withdrew from the agreement in 2018 and reimposed harsh economic sanctions on Iran, prompting Tehran to resume nuclear activities prohibited by the nuclear pact.

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