As speculation about the possibility of an Israeli counterattack on Iran increases, the upward trend in the prices of foreign currency and gold in Iran continues.
While on Wednesday, October 2, the Iranian foreign exchange market closed with the U.S. dollar trading at 615,000 rials, by Thursday morning the upward trend continued, and by the end of the trading day, the price of the dollar approached 630,000 rials.
Accordingly, the selling price of the U.S. dollar in Tehran’s market has reached 627,500 rials, and the euro has hit 692,500 rials. This is while in recent months, before Iran’s missile attack on Israel, the dollar had been fluctuating around 590,000 rials.
On the same day, the selling price of Bahar Azadi gold coins reached 432 million rials, and the well-known “Emami” gold coin hit 487.5 million rials.
According to reports from Iran’s economic media, the prices of domestically produced cars have also risen in recent days following Iran’s missile attack on Israel.
At the same time, the prices of many essential and consumer goods in Iran have also accelerated once again.
On Tuesday, October 1, Iran’s official news agency, IRNA, reported the rise in rice prices and published an open letter from the Rice Producers and Suppliers Association of Iran to Vice President Mohammad Reza Aref.
The association cited the accumulation of “100,000 tons of rice” in customs and the reduction of imported rice in the market as the reasons for rising prices.
According to data from the Statistical Center of Iran, the inflation rate for food and beverages in August this year reached 34.8%, with the highest food inflation being in the “red meat and poultry” category.
Meanwhile, Massoud Pezeshkian’s government has announced the submission of a request for a review of the controversial FATF case to the Expediency Council.
Previously, in 2020, despite the insistence of then-President Hassan Rouhani, members of the Expediency Council had opposed reviewing the FATF bills.
According to economic experts, removing the barriers to Iran’s FATF membership would facilitate Iran’s international financial transactions and could ease the pressure on the currency market, leading to a downward trend in prices.
However, opponents of these bills in Iran argue that if they are passed, Iran’s financial support to Tehran-affiliated militias, or as the Iranian regime calls them, the “Axis of Resistance,” will face difficulties.
The Financial Action Task Force (FATF) has placed Iran on its blacklist due to the regime’s refusal to take strategic actions, allowing all countries to handle financial transactions with Tehran independently.
This intergovernmental body, which designs and promotes policies and standards for combating financial crimes, particularly money laundering and terrorist financing, has made it clear that Iran will remain on the blacklist until it addresses the existing deficiencies.
