Stock Exchange

The transfer of 59 service categories from the First Hall to the Second Hall of the Currency Exchange Center effectively marks an official farewell to government-subsidized and NIMA exchange rates for these items, replacing them with a rate close to the free-market dollar. This shift directly passes the gap between the previous rate of around 77,000 tomans and the current level of 107,000 tomans per dollar (an instantaneous rate change) onto medical bills, international tuition fees, travel expenses, research services, and dozens of other foreign-currency-based costs. As a result, it places simultaneous pressure on household livelihoods, the financial balance of businesses, and the government’s fiscal equilibrium.

The latest report on monetary variables shows that liquidity, the monetary base, and government debt to the banking system reached new highs between 2021 and Mordad 1404 (August 2025), while the composition of liquidity shifted toward hotter money, increasing the ratio of money to total liquidity. At the same time, banks’ debt to the Central Bank declined and was replaced by a surge in government debt. This trend points to a widening budget deficit, mounting pressure on the Central Bank, and the persistence of high inflation risks in the months ahead.