Baku, Azerbaijan, Nov. 29
By Khalid Kazimov – Trend:
The value of US dollar against rial (Iran’s national currency) has been increasing over the past month.
In a very recent development, the value of the US currency in Iranian free market has surpassed 38,000 rials which used to float near 35,000 rials just about one month ago.
This is while Central Bank of Iran put the official rate of US dollar at 32,091 rials on November 29, indicating about 6000 rials gap between the official and free market rates.
While a group of Iranian media outlets have expressed concerns over the devaluation of the national currency, some experts suggest the value of US dollar has been rallying over the past several weeks following the announcements on the outcome of the US presidential election, so Iran’s currency market is going through a normal process.
There are also other factors impacting the value of Iran’s national currency, such as the upcoming presidential election in the Islamic Republic (to be held next May), plunge in the global prices of oil, and the US financial policies.
Tehran’s recent plans on anti-money laundering and combating the financing of terrorism are also among key issues impacting the value of national currency.
While some financial experts forecast that the value of the US currency will continue to surge over the coming months in the international markets, it all depends on Iranian financial policymakers to protect the national currency or let the market determine rial’s value against the US dollar.
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