In a recent interview, Seyyed Ehsan Khandoozi, the Minister of Economic Affairs and Finance, discussed the latest developments in the process of reclaiming the revenue from gas exports to Iraq. According to Khandoozi, a portion of Iran’s gas exports to Iraq had accumulated in one of the Iraqi banks over the past years and required a specific license from the Treasury to be allocated to the Central Bank for import purposes. As per Iraq’s promise, along with obtaining the necessary license, the Central Bank will soon have the authority to issue import orders for goods using these funds.
It is worth mentioning that Iran’s Ambassador to Baghdad recently announced that Iraq owes approximately $10 billion to Iran for electricity and gas imports. Although the direct transfer of these assets to the Central Bank’s treasury is not feasible due to economic sanctions, utilizing these amounts for direct purchases or settling foreign debts within the domestic market will still have an impact. By conserving the central bank’s foreign reserves, the possibility of exerting greater control over the market will increase, thereby enhancing market regulation. As we approach the final weekend of the second month of summer, the dollar exchange rate experienced upward fluctuations in free trading. Each US banknote grew by around 370 tomans in the last cash transactions on Friday, reaching a value of 50,420 tomans.
Dollar Growth Amidst Semi-Holidays
As the end of last week approached, the exchange rate index in unofficial transactions witnessed another surge. Each US banknote, which had concluded its daily activities at 50,050 tomans in cash transactions on Thursday, experienced an increase of approximately 370 tomans compared to the previous rate, reaching 50,420 tomans in cash transactions on Friday.
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Insights from conversations with currency traders in the core of the market suggest that traders anticipate an increase in the exchange rate. However, the market-making authority has demonstrated its unwillingness to surrender to these inflationary expectations and is striving to control the exchange rate based on its foreign currency reserves. One of the signs of this effort is the noticeable pull of the dollar towards the 50,000 toman threshold. Despite the dollar’s recent unsuccessful attempts to surpass this milestone and move away from the 50,000 toman mark, the market’s response to the presence of the exchange rate on the fifth step of the 50,000 toman channel will be revealed when trading resumes on Sunday. It remains to be seen whether the dollar price will once again fall below the aforementioned threshold or not.
Repetitive Coin Game
During the middle days of last week, the price of gold coins fluctuated within a price range of 200,000 tomans. With the decline in the dollar exchange rate last Tuesday, the price of gold coins moved out of the 29 million Toman channel and experienced fluctuations within the 28 million Toman range, specifically steps nine and ten of the channel.
On Friday, the 15th of Tir month, each piece of this precious metal grew by approximately 100,000 tomans, reaching a value of 28 million and 900,000 tomans.
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