Amid the ongoing widespread economic crisis and the upward, record-breaking trend of foreign currency prices in Iran’s market, the price of each U.S. dollar surpassed 1.29 million rials.
Websites that track currency prices in Iran reported on Saturday, November 13, that the price of each U.S. dollar rose to more than 1.29 million rials, each euro to more than 1.5 million rials, and each British pound to more than 1.7 million rials.
At the same time, the price of the new-design gold coin known as the “Emami” also exceeded 1.38 billion rials.
In recent weeks, an upward wave has swept through the currency and gold markets, setting successive records and charting a new path of rising prices.
News agencies affiliated with the Islamic Revolutionary Guard Corps (IRGC), including the state-run Fars and Tasnim news agencies, simultaneously with the new dollar record, pointed the finger of blame at the government of Iranian regime president Masoud Pezeshkian and, contrary to their usual practice of not recognizing free-market exchange rates, criticized the price increases.
Ali Madani-Zadeh, the Iranian regime’s minister of economic affairs and finance, said on December 8 in response to the sharp rise in the dollar’s price: “In a wartime environment, damage amounting to several hundred trillion rials has been inflicted, and under these conditions you expect the dollar to become cheaper—when the country has been subjected to the most unprecedented military attack?”
He added: “In the middle of a war, do you expect inflation not to rise? If it had not risen, you should have been surprised.”
The rise in the dollar’s price in Iran has coincided with an increase in gasoline prices.
The three-tier gasoline pricing plan was implemented across Iran starting early Saturday, December 13.
Under this plan, subsidized gasoline continues to be offered at rates of 15,000 and 30,000 rials, while excess consumption, as well as gasoline for government vehicles, imported cars, and some high-priced vehicles, will be calculated at a rate of 50,000 rials.
In recent months, runaway inflation and the rising rates of foreign currencies have heightened concerns about the deterioration of Iran’s economic situation, a trend that intensified following the return of United Nations sanctions and the emphasis by officials of Iran’s regime on continuing the nuclear program.
Over the past year, the prices of food items in Iran have increased by an average of more than 66%.
