Iran and the rise of the dollar.. Fingers point to “beneficiaries” of the Kerman bombing

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[size=52]Iran and the rise of the dollar.. Fingers point to “beneficiaries” of the Kerman bombing[/size]

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01-04-2024
An Iranian report said on Thursday that the occurrence of a large number of casualties in the terrorist incident in the city of Kerman prompted “profiteers” to use the media to harness the incident as a “ladder” to raise the price of foreign currency and defraud people.[/size]
[size=45]The Iranian Fars Agency noted in a report, “The killing of 95 people and the injury of 284 citizens in the terrorist attack that occurred yesterday in Kerman renewed the pain of the entire Iranian people.”[/size]
[size=45]The report added that, amidst the grief of citizens, there were some businessmen and speculators who created a ladder from the blood of the victims of yesterday’s terrorist incident to protect currency fluctuations and speculation. Pointing out that “just minutes after the news of the terrorist attack on the people of Kerman was published, some websites and channels were raising the exchange rate with specific economic ideas under the pretext of the Kerman bombing and the fall of a group of citizens as victims.”[/size]
[size=45]He noted that “the brokers, who were unable to play with people’s lives in the past few months, saw in the terrorist attack and the shedding of the blood of the country’s people a good opportunity to make a profit, despite the trend being towards a decline in exchange rates and gold, so they raised the exchange rate to 500 tomans higher.” From yesterday afternoon prices.”[/size]
[size=45]Do not buy in the market[/size]
[size=45]The report explained, “All these pressures to raise the price of the currency occurred while these traders faced the problem of lack of demand and the inability to carry out transactions at the new prices,” pointing out that activists in the foreign exchange market are aware that brokers are trying to fish out of murky waters through the media available to them.[/size]
[size=45]For this reason, the currency and coin market was almost empty of customers yesterday afternoon, and only some channels were raising the exchange rate, according to the report.[/size]
[size=45]Before the terrorist attack, the exchange rate was 50,100 tomans, but after news of the incident, the exchange rate rose to 50,600 tomans, and the price of the dollar was raised to 50,950 tomans.[/size]
[size=45]According to the report, the story becomes more interesting when everyone knows that during yesterday and today the global prices of gold and other metals decreased in global markets, and only the prices in the gold, currency and dollar market in Iran rose due to the presence of intermediaries and their media.[/size]
[size=45]Market volatility[/size]
[size=45]The report quoted Iranian economic expert Muhammad Bayat, saying, “Financial markets react to increasing political and social risks. After the terrorist incident that occurred yesterday, financial markets seemed to react, but the sudden increase and growth in prices at a time when there is no demand in the market, this indicates... However, some people try to raise prices under any pretext.”[/size]
[size=45]Bayat stressed that the prices of currencies and coins are declining mainly due to the decrease in the price of gold, and this decrease in prices has led to market depression for some.[/size]
[size=45]The economist concluded that the growth of prices in the currency and coin market comes without economic justification, and once inflation calms down, prices will return again to the levels targeted by the market maker, and people must be careful not to fall into the game of volatility.[/size]
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