Iranian Rial is soaring under the US sanction


The good news for Iranian people who are experiencing a bad economic situation is that the national currency is soaring even though the US sanctions are increasing.
Based on Bloomberg, “the rial is soaring on the country’s parallel market, gaining 8% against the dollar this week alone to extend its advance since early May to 30%” (July 18).
Actually, the psychological effect of oil sanction influenced the currency of Iran and the US dollar exchange rate went up to 15000 tomans. It affected the market for essential goods as well. For this reason, the central bank of Iran took a new strategy: it established a special website called Nima to let people and merchants import the essential goods and stopped the illegal processes.
Last week, the dollar exchange 11500 tomans and now is about 12000 toman. It means that the tension of currency is lowering.

By Pooneh Nedai
Editor-in-chief of Shokaran magazine and vice president of AJA

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