Euro soars past 300K Iranian tomans

Shafaq News- Tehran

The Iranian currency fell to a record low on Saturday, with the euro rising above 300,000 tomans* for the first time, according to Bonbast, which tracks Iran's free-market exchange rates.

The US dollar was trading at about 265,050 tomans, while its buying price stood at 262,400 tomans.

The currency's rapid decline has sharply eroded consumers' purchasing power. Citing financial observers, Bonbast reported that average monthly wages had fallen since the start of the year from the equivalent of about 120 euros to roughly 70 euros.

The impact on household budgets has become increasingly apparent in Tehran, where residents reported to the German Press Agency (DPA) that food prices had risen sharply over the past six months. The price of a loaf of bread doubled from 25,000 tomans to 50,000 tomans, while a kilogram of rice climbed from 350,000 to 550,000 tomans. Meat has become unaffordable for many families, according to DPA.

Iranian Interior Ministry spokesman Ali Zeyn Vandi recently described the sharp rise in prices as a source of concern, with inflation placing increasing pressure on households.

He, however, maintained that goods were currently available in sufficient quantities across the country, urging the public to disregard reports of shortages and characterizing them as hostile propaganda.

Tehran is facing one of the most severe economic crises in its history, with the US naval blockade and tougher sanctions restricting oil exports and access to foreign currency. Earlier this week, Bloomberg reported that Iran loaded no crude oil onto tankers in September for the first time since the US-Israeli war began on Feb. 28, down from about 250,000 barrels per day in August.

*One toman equals 10 rials.