A renewed surge in the price of the US dollar and gold in Iran has deepened public concern about the future of the country’s economy.
As foreign currency rates continue to climb alongside the worsening economic situation in Iran, the price of the US dollar in the free market surpassed 1.13 million rials. Gold prices also rose following this upward trend.
On Thursday, November 13, the price of the dollar reached 1.136 million rials, about 10,000 rials higher than Wednesday’s peak, before pulling back slightly to 1.128 million rials.
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These fluctuations come as the pace of foreign-currency appreciation has accelerated since the beginning of the week.
The dollar, which traded at 1.08 million rials on November 8, has now risen by more than 50,000 rials—an increase of about 5.2%.
The euro and British pound also continued their upward trajectory on November 13, trading at 1.305 million rials and 1.495 million rials respectively in the free market.
Gold prices continued rising as well. The new-design gold coin reached 1.2 billion rials, the half-coin 625 million rials, the quarter-coin 368 million rials, and the price of one gram of 18-karat gold surpassed 116 million rials.
In recent weeks, runaway inflation and the steep rise in foreign-currency rates have intensified concerns about the deterioration of Iran’s economy. This trend has accelerated following the activation of the “snapback mechanism” and the reinstatement of United Nations sanctions against the country.
For non-Iranian readers: the snapback mechanism refers to a process defined in UN Security Council Resolution 2231, allowing previous UN sanctions to be automatically restored if Iran is deemed non-compliant with nuclear-related commitments.
On November 6, Farid Mousavi, a member of the economic committee of Iran’s regime parliament, warned that with ongoing inflation growth, “a 1.3-million-rial dollar in winter is not unlikely.”
For non-Iranian readers: Mousavi is a lawmaker within the regime’s parliament, an institution tightly controlled by the ruling establishment.
The latest report from the regime’s Central Bank shows that capital flight in the spring of this year reached a historic record, highlighting the depth of Iran’s financial crisis.
On Wednesday, November 12, the state-run news website Rouydad24 reported on findings from a recent confidential survey conducted by the Iranian Students Polling Agency (ISPA), details of which were recently leaked to the media. The survey shows that public dissatisfaction with the state of the country has reached about 92%.
