Page 32 - IRANRptDec19

7.0​ FX
Iran - FX
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Currency (units per EUR) (eop)
37,057
39,666
43,273
46,522
49,268
48,754
48,011
47,165
47,754
Currency (units per USD) (eop)
32,489
33,805
36,064
37,743
42,590
42,000
41,995
42,000
42,000
Hard currencies creep up on unofficial Iranian forex market
The dollar, euro and pound sterling have all made gains against the Iranian rial (IRR) over the past four days in the wake of the wave of ‘petrol price’ protests and unrest that has hit the Islamic Republic.
By the end of the business day on November 20 in Tehran, the US dollar was listed as selling on the free market at IRR123,800 while the euro and pound traded for IRR137,000 and IRR159,800, respectively, following significant rial depreciation since the Persian calendar week began on November 16. The figures were given by the Bonbast website.
The official rate of the dollar remains unchanged at IRR42,000, while the pound was down at IRR54,235 and the euro was down at IRR56,513.
Abdul Nasser Hemmati, governor of the Central Bank of Iran (CBI), said on November 19 on his Instagram page—which isn’t blocked despite the internet blackout Iran has been placed under by officials countering the spread of demonstrations—that the influence of seasonal demand [Hemmati was referring to gold price increases] plus the petrol price hike and sanctions were all influencing the strengthening of the dollar.
Hemmati added that calculations of the CBI’s Office of Economic Studies showed that the impact of the increased petrol prices on inflation would add up to around four percentage points a year.
He also noted that the average dollar rate on the free market in the past three months was relatively stable at around 11,400 tomans (IRR114,000).
32​ IRAN Country Report​ December 2019 www.intellinews.com