NUMBERS ARE CHANGING ON THE FOREIGN EXCHANGE BOARDS
Buying and selling prices of dollars and other foreign currencies are monitored on electronic boards in exchange offices in Tehran. The depreciation of the rial has become one of the important indicators of daily life.
DOLLAR EXCEEDED 2.3 MILLION RIALS IN THE FREE MARKET
On September 27, 1 dollar was traded at approximately 2 million 344 thousand 800 riyals in the free market. On the same day, the dollar rate at the official foreign exchange center was 1 million 717 thousand 400 riyals. The difference between the two exchange rates reached approximately 36 percent.
SEARCH FOR DOLLARS INSTEAD OF RIAL
In Iran, citizens turn to dollars and other foreign currencies to protect their savings, increasing the demand in the foreign exchange market. Exchange offices in Tehran are among the places where this activity is most visible.
THE VALUE OF RIALS IN HAND IS MELT
High inflation and exchange rate volatility lead to the use of very large amounts of rial in daily transactions. The nominal value of banknotes is gradually increasing in Iran due to the depreciation of the currency.
