As of September 30, the TEDPIX index of Iran's Tehran Stock Exchange closed at 776,6538 points, a cumulative increase of about 90.8% from the end of 2025, which is significantly higher than the 55.5% increase in urban consumer prices during the same period. The actual yield adjusted for inflation is about 23%, which means that for domestic investors in Iran who measure wealth in riyals, the stock market has indeed achieved a real increase in purchasing power this year. However, the sharp devaluation of the riyal over the same period almost offset this round of increase. The free market dollar exchange rate rose from about 135,000 to 138,000 turman at the beginning of the year to about 254,500 turman at the end of September. If the capital at the beginning of the year was converted to riyals and re-converted to US dollars at the end of September, the final dollar return was only about a few percentage points. In other words, although the Iranian stock market simultaneously outperformed domestic inflation and most major global stock indexes this year, for investors who measure asset values in US dollars, the near doubling of the index increase was swallowed up by the depreciation of the local currency.
Zhitongcaijing · 2d ago
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As of September 30, the TEDPIX index of Iran's Tehran Stock Exchange closed at 776,6538 points, a cumulative increase of about 90.8% from the end of 2025, which is significantly higher than the 55.5% increase in urban consumer prices during the same period. The actual yield adjusted for inflation is about 23%, which means that for domestic investors in Iran who measure wealth in riyals, the stock market has indeed achieved a real increase in purchasing power this year. However, the sharp devaluation of the riyal over the same period almost offset this round of increase. The free market dollar exchange rate rose from about 135,000 to 138,000 turman at the beginning of the year to about 254,500 turman at the end of September. If the capital at the beginning of the year was converted to riyals and re-converted to US dollars at the end of September, the final dollar return was only about a few percentage points. In other words, although the Iranian stock market simultaneously outperformed domestic inflation and most major global stock indexes this year, for investors who measure asset values in US dollars, the near doubling of the index increase was swallowed up by the depreciation of the local currency.
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