The value of the US dollar has experienced a decline in Iran, coinciding with a notable increase in the supply of currency from exports to a state-operated exchange platform.
According to a report released on Monday by the official IRNA news agency, the dollar was trading at approximately 1.38 million rials in Tehran's open market. This figure aligns with the data reported by various currency price tracking websites, confirming the same exchange rate for the dollar against the rial.
This current price reflects an 8% drop from earlier this month when soaring rates led to public frustration and sparked protests in Tehran's traditional bazaar and other urban areas.
Economists attribute this recent decrease in the dollar's value to a new government initiative aimed at narrowing the disparity between the official exchange rates and those available in the free market. Experts suggest that this policy has incentivized a greater number of exporters to channel their foreign currency revenue into the state-controlled currency exchange system, known as the Center for the Exchange of Currency and Gold (ICE). This platform allows importers to acquire currency at more competitive rates.
A senior official from Iran’s Trade Promotion Organization (TPO) stated on Monday that there has been a substantial uptick in the supply of export revenues over the past fortnight.
Mohammad Sadegh Ghannadzadeh, who serves as a deputy head of the TPO, commented that the government's revised currency policy has facilitated exporters—including those in the petrochemical and metals sectors—to start returning their export earnings, which they had previously withheld due to lower pricing conditions.
As per the latest updates on their website, ICE's official exchange rate for the US dollar stood at 1.269 million rials on Monday.
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