On May 11, when news emerged that former president Akbar Hashemi Rafsanjani might register for the upcoming presidential elections, the free currency market froze for a few hours. Some currency exchange bureaus even announced that hard currency rates would not be announced until it was known whether Rafsanjani had registered as a candidate.
While the last-minute nomination came as a surprise to many, it could be expected that the news would lead to a positive response from the key economic and business players in the country. Immediately after his registration, the price of gold coins (a main indicator of market trends) and foreign currencies started dropping. In fact, the Iranian rial appreciated by about 4% compared to the US dollar within one day.
