Mohammad Baqer Nobakht

An Iranian government spokesman says the current dollar exchange rate in the country is not realistic and must go down.The current rate for one dollar now exceeds 3,500 toumans. The government budget for the new Iranian calendar year is based on an exchange rate of 2,850 toumans, which is much lower than the current market rate.

Mohammad Baqer Nobakht defended the budget’s projections, saying the current rate is not an accurate reflection of the country’s economic situation and insisting the budget’s projected rate is valid.

The dollar was trading for 3,000 toumans in March. But after the world powers and the Iranian delegation announced that the nuclear negotiations will be extended to July 1, the exchange rate for the dollar has been rising.

Meanwhile, the falling price of oil on the international market is also seen as contributing to the decline of Iran’s national currency.