Central Bank of Iran Launches Gold Exchange Center in Light of New Sanctions
After plotting and executing months of unrest through arms and propaganda in the Islamic Republic of Iran, the United States is now moving on to the next stage of hybrid warfare through unprecedented sanctions and financial pressure.
The US dollar was worth up to 601,500 rials on Sunday February 26, an all-time high as the United States has increased sanctions against Iran since the onset of Western-backed protests. Iran’s currency traded at 32,000 rials to one dollar when it signed the 2015 nuclear deal with world powers.
The rial has lost almost half its value since September 2022 amid sanctions, alleged deliveries of Iranian drones to Russia for its special operation in Ukraine, and a dwindling likelihood of the United States and Iran returning to the former 2015 nuclear deal withdrawn by former President Trump.
Faced with strong economic pressure inflicted on Iran by the United States and inflation of more than 53.4% against 41.4% two years ago, according to the Iranian statistics center, Iranians are gradually turning to other currencies to save like the dollar or even gold.
To appease the market and relieve the decline in the value of the rial, the Central Bank of Iran (CBI) is launching a new foreign exchange and gold exchange center.
The chief of Central Bank of Iran Mohammad Reza Farzin said on Monday February 20 that the new exchange center will start operating from February 21 to stabilize market rates and control speculative trading.
“Everyone’s exchange demands will be met by the currency and gold exchange system,” Farzin said in an interview on state television.
Mohammad Reza Farzin had also indicated that “the new exchange center will be used to stabilize market rates through the provision of hard currency earnings obtained from exports of petrochemicals and minerals.”
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