Week in Brief 05.10.2018

Probably in these days, there is nothing more important to Iranians than the exchange rate. Even school students talk about how much US dollar price goes up every day, or how unexpectedly it dropped!

Finally, after months of rise, this week the exchange rate took a reverse direction and fell quite considerably.

While a week ago, one USD reached its highest record against Iranian rial and was worth 190,000 rials, on Wednesday it was exchanged at 90,000 rials at the market.

Several people who had already bought foreign currencies feared that the exchange rate may drop even further and therefore rushed to sell their cash. As supply increased, the exchange rate dropped further.

President Hassan Rouhani said that the exchange rate is getting back to its real value which should be around 80,000 rials for each USD.

Hopes that the FATF regulations will be passed by the Parliament are high and this is another factor to give possibilities to the return of stability to the markets.

As a result of the fall in exchange rate, prices fell heavily also at auto market, which you will read below. It also affected negatively the prices at Tehran Stock Market.