Articles
Neutral, dated analysis and explainers across Iran’s markets.
Apple launched the iPhone 18 Pro $100 dearer, a gap that reaches $300 at one terabyte, and priced the foldable iPhone Duo at $1,999 (Thursday, 10 September 2026)
Apple introduced the iPhone 18 Pro, the Pro Max and its first foldable, the iPhone Duo, on Wednesday, 9 September 2026. The 256GB iPhone 18 Pro costs $1,199, $100 above the iPhone 17 Pro, but at one terabyte the gap reaches $300. At a free-market dollar of 232,700 tomans on 9 September 2026, the Pro works out to about 279 million tomans for an Iranian buyer and the Duo to about 465 million.
Hemmati Says Central Bank Has Supplied $500 Million in Negotiated-Rate FX to the Parallel Market; Gap With the Free Dollar Still 21 Percent (Thursday, Shahrivar 5, 1405)
Central Bank Governor Abdolnaser Hemmati said Thursday, Shahrivar 5, 1405 (August 27, 2026) the bank has supplied $500 million in negotiated-rate FX to the parallel market to curb "fake FX jobs," with more available if needed. Sahmino's board put today's negotiated dollar at 158,039 tomans against a free-market dollar near 200,600 tomans, a gap of about 21 percent.
Dollar, Gold and Coin All Pulled Back Today; Dollar Retreats From a 204,820-Toman Peak to the 200,000-Toman Range (Tuesday, August 25, 2026)
On Tuesday, August 25, 2026, Tehran's free-market dollar retreated to about 200,000 tomans this evening after a two-day surge that had taken it to a peak of 204,820 tomans; global gold, domestic 18-karat gold and the Emami gold coin fell together. A day earlier, Central Bank Governor Abdolnasser Hemmati had announced $175 million a day in FX supply and a plan to allocate $20 billion to industry by year-end, calling the exchange-rate gap "temporary."
Tehran's Free-Market Dollar Crosses 200,000 Tomans for the First Time Tonight (Sunday, Shahrivar 1, 1405)
Iran's free-market dollar in Tehran crossed 200,000 tomans (2,000,000 rials) tonight, Sunday, Shahrivar 1, 1405 (August 23, 2026), for the first time in at least a month, trading as high as 201,300 tomans; three independent sources (Sahmino, TGJU and Alanchand) confirm the level. That is up about 4 percent from last night's Sahmino-registered rate of 192,700 tomans.
Turkish Lira Hits Fresh Record Low of 47.76 Against the Dollar on Wednesday; Turkey's Central Bank Releases Its Quarterly Inflation Report Tomorrow
The Turkish lira touched a fresh all-time low against the US dollar on Wednesday evening, August 12, 2026, crossing 47.75, even as annual inflation eased for a fourth straight month. The Central Bank of the Republic of Turkey (TCMB) releases its quarterly Inflation Report tomorrow, Thursday, August 13, a release that has historically moved the lira. The move matters for Iran's market too, since much of Iran's overland import trade and outbound travel runs through Turkey.
Tehran Dollar Jumps 1.19 Percent Tuesday, Ending a Five-Day Slide, to Reach 187,800 Tomans (20 Mordad 1405)
Tehran's free-market dollar, which fell for five straight sessions from Wednesday, August 5 to Monday, August 10, 2026, its longest losing streak of the year, to a one-month low, jumped about 1.19 percent (2,200 tomans) on Tuesday, August 11 to reach 187,800 tomans. Gold and the Emami coin rose in tandem, while Brent crude jumped nearly 5 percent above $87 as a Strait of Hormuz risk premium returned to markets.
Iran's Dollar Crosses 180,000 Tomans, Coin Premium Jumps 6.85%; Why Did Global Gold Fall at the Same Time? (Thursday, July 9, 2026)
Iran's free-market dollar crossed 180,000 tomans early Thursday, July 9, 2026 (18 Tir 1405), reaching 180,195 tomans. The same week, the Emami coin's premium jumped 6.85% to about 7,091,000 tomans, even as global gold fell for a second straight day. The widening gap is a live gauge of domestic fear.
Trump Declares Iran Ceasefire "Over"; Rial Smashes Through 180,000 Toman, Tehran Stock Exchange Sheds 52,000 Points (Wednesday, July 8, 2026)
Donald Trump told the NATO summit in Ankara that the ceasefire with Iran is "over." Hours later, on Wednesday, July 8, 2026 (17 Tir 1405), Iran's free-market dollar broke through 180,000 toman and the Tehran Stock Exchange's main index fell 52,012 points (1.9%) to the 2.68 million range. Brent crude jumped about 7% globally.
US Revokes Iran Oil Sales Waiver; Brent Crude Tops $76 After Attacks on Three Tankers in Hormuz (Wednesday, July 8, 2026)
The US Treasury revoked Iran's dollar oil sales waiver (General License X) on Tuesday, July 7, 2026, hours after an attack on three tankers in the Strait of Hormuz, replacing it with a narrower "General License X1." No new sales are authorized, and in-process transactions have until July 17 to settle. Brent crude jumped to $76.04 a barrel in after-hours trading in response.
