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Gold rises 300% in three months against Iranian rial

Section: Daily Dispatches

Protests Erupt in Tehran As Iranian Currency Takes a Nosedive

From Radio Farda
(Radio Free Europe / Radio Liberty)
Prague, Czech Republic
Sunday, June 24, 2018

Tehran's cell phone market went on strike today, with store owners and people marching in protest in Jomhouri (Republic) Avenue as the city's forex market, just a stone's throw away, recorded the highest value for the U.S. dollar against the Iranian currency, the rial.

Cell phone sellers decided it was impossible to sell any handset considering the exchange rate of more than 90,000 rials per dollar. They said the rising exchange rate has brought about an uncertainty in the market that made cell phones extremely expensive for buyers.

... Dispatch continues below ...


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User-generated videos received by Radio Farda show buyers urging store owners to shut down and protest and the crowd pours into the street, with others joining them.

Meanwhile, traders stopped buying and selling dollars at the unofficial forex market -- the black market -- the Iranian Students News Agency reported.

The U.S. dollar rose from 80,000 rials to 90,000 in just one day.

The forex market also experienced a record high for other foreign currencies. The British pound was traded for over 120,000 rials and euros for 106,000 just before the market decided to close, the report said.

The market for gold coins also came to a standstill as the price of a standard coin reached 32 million rials, almost three times its price in March. ...

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