Currency and gold markets in Iran on the verge of collapse

al-Arabiya

In a report on the impact of sanctions on the Iranian regime, which has led to an ‎economic crisis, the Arab language al-Arabiya TV said on Sunday that monetary ‎imbalances is one of the outcomes of international punitive measures against Tehran.‎

The TV said Iran’s merchants are increasingly blaming the regime for the Bazaar’s recent ‎misfortunes.‎

According to al-Arabiya, an extension of such measures can lead to the collapse of the ‎currency and gold markets in Iran. “This is a warning that foreign exchange shops have ‎issued. They have ceased all currency trade and are now fearing currency debasement.”‎

‎“According to reports obtained by al-Arabiya, trade in currency and gold markets in Iran ‎have come to a halt, and there is evidence that the tension is linked with international ‎sanctions against the regime,” the TV said.‎

It also added that gold sellers in the southern city of Ahvaz have joined an extensive ‎protest already covering gold bazaars in Tehran and other major cities. Merchants are ‎challenging the regime’s claims that it is capable of resolving the crisis, al-Arabiya said.‎

While a bank has declared the exchange rate for Iran’s currency to be 1,850 Tomans for ‎every dollar, foreign exchange retailers are refusing to carry out their activities, with one ‎of them telling al-Arabiya that the foreign currency market in Iran is now facing a crisis.‎

According to experts, currency traders and the gold coin market may face new tensions ‎especially since the current situation in Iran has been unprecedented in the past decade, ‎the TV report added.