According to the Iranian Students' News Agency, several Iranian lawmakers criticized the current foreign exchange market situation in a letter to the heads of various national authorities. The letter stated that against the backdrop of continued volatility in the foreign exchange, gold, and coin markets, leading to increased anxiety and uncertainty among the public and economic actors, the central bank and national monetary and foreign exchange policymakers should provide clearer and more transparent explanations of the current situation and their plans for managing the markets.
These lawmakers argued that the rise in exchange rates is not merely a change in numbers at exchange bureaus and in the market. When exchange rates rise, their effects quickly spread to the prices of goods and services—from raw materials and production equipment to medicines, basic necessities, transportation, rent, and household expenses. In this situation, it is a natural reaction for the public to turn to gold and foreign exchange to preserve their wealth. This behavior should not be attributed solely to the war with the United States, speculation, or market sentiment; it is also partly due to declining public confidence in the future economy and concerns about the weakening purchasing power of the local currency.
These lawmakers asserted that, according to its statutory duties, the central bank bears a significant responsibility in maintaining the value of the local currency, controlling inflation, regulating the money and foreign exchange markets, and assisting in national economic stability. Therefore, the frequent and dramatic fluctuations in the foreign exchange market cannot be entirely attributed to external factors, psychological atmosphere, or speculative activities. These factors may have an impact in the short term, but in the long run, issues such as rapid liquidity growth, imbalances in the banking system, lax fiscal discipline, and the lack of a clear exchange rate policy play a significant role in market instability.
