Iran’s Toman Hits New Historic Low As Dollar Surpasses 267,000
The Iranian currency records a new historic low on the free market, with the dollar surpassing 267,000 Tomans and the euro exceeding 300,000, raising concerns over living costs, and medicine supplies.
ERBIL (Kurdistan24) - The Iranian Toman has recorded a new historic collapse on the free market, with the US dollar surpassing 267,000 Tomans and the euro exceeding 300,000 Tomans, marking a loss of more than 10 percent in the currency's value in just five days and raising concerns over the impact on livelihoods and the healthcare sector.
According to the latest market data and currency exchange centers in Iran on Saturday, the Iranian Toman registered an unprecedented decline in its value, with the US dollar exceeding 267,000 Tomans.
This means $100 was trading for more than 26.7 million Tomans.
The decline extended across other major foreign currencies. The euro surpassed 300,000 Tomans, while the British pound rose to 352,000 Tomans and the UAE dirham exceeded 73,000 Tomans.
Market data shows that on Sept. 28, one US dollar was trading at 241,800 Tomans.
Within just five days, the dollar's value increased by more than 24,000 Tomans, representing a rise of more than 10 percent and a corresponding sharp decline in the value of the Iranian currency.
The latest depreciation comes amid a broader surge in foreign currency prices across the Iranian free market.
The currency decline has also been accompanied by another sharp increase in Iran's gold market.
The price of one gram of 18-karat gold has risen to more than 26.132 million Tomans.
Economic experts have warned that the latest wave of Toman depreciation and rising inflation could significantly increase the cost of imported goods and raw materials.
They warn that the resulting pressure could severely affect the supply of food, medicines and other essential daily necessities, placing additional strain on citizens and salaried workers.