Iran: Prices of U.S. dollar, gold cones & cars on the rise
Analysis by PMOI/MEK
Iran, June 12, 2018 - Several weeks before the first round of U.S. sanctions kick in, reports from inside Iran indicate the prices of the U.S. dollar, gold “Bahar Azadi” coins and cars are on the rise significantly.
On Monday in Tehran’s currency market the U.S. dollar price witnessed another surge, reaching 69,000 rials.
In response to the U.S. dollar reaching the 60,000 rial mark on April 9th, the cabinet of Iranian regime President Hassan Rouhani called for measures to have these prices decreased.
First Vice President Eshaq Jahangiri literally issued orders and the Central Bank fixed the U.S. dollar price 42,000 rials and banned anyone from holding more than €5,000 at their disposal.
Despite these measures, the price of various foreign currencies have not decreased and in recent days people are witnessing a new surge.
“Now is the time for the Central Bank to change the currency route (policy) and recognize the country’s currency market,” according to the state-run ISNA news agency citing “currency market analysts.”
Gold coin & car prices
The price of Iran’s “Bahar Azadi” gold coins has recently surpassed the 25 million rial mark ($5,950), showing a 4 million rial (19 percent) increase in comparison to the week before.
Car prices have also increased in the past ten days. Reports indicate these hikes range from 20 million to a whopping 400 million rials ($475 - $9,525).
The state-run Asre Iran website said these price hikes are in response to a number of foreign car companies, including Peugeot, Citroen and Hyundai exited Iran’s market.
Peugeot 2008, the first vehicle manufactured in a joint effort between this company and the Iranian regime under a recent agreement, witnessed a price increase of 250 million rials ($5,950). The limited production of these vehicles are the reasons behind this price hike, the Asre Iran website claimed.
Currency prices in Tehran’s markets have increased following U.S. President Donald Trump’s decision to exit the Iran nuclear deal and impose new sanctions against the mullahs’ regime.
Issuing a 180-day deadline for foreign companies to end their relations with the Iranian regime has already caused enormous tensions in Iran’s currency markets.
Increasing currency prices in the past few months have also resulted in the prices of household appliances, electronic devices, and vehicles to increase significantly.
Some economic analyst also believe the increase in the exchange rate and the prices of some goods should be associated to rising inflation in Iran, which is due to the regime's inefficiency and irregularities in its budget.
Many Iranians are now investing in gold following the failure of several financial institutions to deliver the interest they promised their customers.
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