Tehran's Stock Index Climbs as Iran Eases Imports, but in a Weakening Currency

The main index of the Tehran Stock Exchange rose more than 63,000 points to close above 4.3 million, Iran's state news agency IRNA reported, at the close of Monday's session. On the same day, the central bank announced that exporters who bring in essential goods and inputs for production lines may finance those imports from their own export earnings in foreign currency, a step meant to keep factories supplied during wartime disruption.

The two items, read together, describe an economy under strain. A rising nominal index in rials says less about real corporate value than about a currency losing purchasing power, as Iranians move savings into equities and other assets to avoid inflation. Letting exporters bypass the official foreign-exchange channel is a tacit admission that the central allocation system cannot reliably supply hard currency.

The measures arrive while war with the United States and Israel continues to interrupt trade and shipping, raising the cost of every imported input.