{"id":217759,"date":"2020-05-05T16:36:40","date_gmt":"2020-05-05T15:36:40","guid":{"rendered":"https:\/\/www.ncr-iran.org\/en\/?p=217759"},"modified":"2023-01-23T19:29:59","modified_gmt":"2023-01-23T18:29:59","slug":"iran-regime-removes-four-zeros-from-national-currency-amid-coronavirus-outbreak-a-clear-sign-of-its-absolute-economic-deadlock-and-failure","status":"publish","type":"post","link":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/iran-regime-removes-four-zeros-from-national-currency-amid-coronavirus-outbreak-a-clear-sign-of-its-absolute-economic-deadlock-and-failure\/","title":{"rendered":"Iran: Regime Removes Four Zeros From National Currency Amid Coronavirus Outbreak, a Clear Sign of Its Absolute Economic Deadlock and Failure"},"content":{"rendered":"
\"Iran:
Iran: Regime removes four zeros from national currency<\/figcaption><\/figure>\n

The Iranian regime\u2019s parliament<\/span>\u00a0passed a bill to change the national currency from Rials to\u00a0<\/span>Tomans<\/span>, eliminating four zeros from the national currency.<\/span>\u00a0This a clear sign of the regime\u2019s absolute economic deadlock and fai<\/span>lure.\u00a0<\/span>\u00a0<\/span><\/p>\n

Mrs. Maryam\u00a0<\/a><\/span>Rajavi<\/span>, the president-elect of the National Council of Resistance of Iran<\/a> (NCRI)<\/span>,<\/span>\u00a0<\/span>described<\/a> the inevitable action following\u00a0<\/span>the\u00a0<\/span>Rial\u2019s freefall as the most important sign of the official recognition of the economy\u2019s bankruptcy.<\/span>\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Along with its\u00a0<\/span>dangerous\u00a0<\/span>economic outcome for the regime, this action, particularly amid the coronavirus outbreak, increases the inflation rate\u00a0<\/span>and puts a tremendous pressure on the Iranian society.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

Removing zeroes from<\/span>\u00a0the<\/span>\u00a0national currency is more a political measure from the government rather than an expert and technical one and\u00a0<\/span>is<\/span>\u00a0<\/span>a\u00a0<\/span>part of the package of economic reforms. <\/span>In the mullahs’ regime, with its <\/span>institutionalized<\/span>\u00a0corruption, and its use of country’s wealth for terrorism<\/span>,<\/span>\u00a0this would result in<\/span>\u00a0a<\/span>\u00a0higher inflation rate and more pressure on\u00a0<\/span>the p<\/span>eople.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

The Iranian regime\u2019s economic system, with its institutionalized corruption<\/span>, has only been made to fund<\/span>\u00a0the<\/span>\u00a0regime\u2019s illicit activities, such as terrorism and\u00a0<\/span>oppression,\u00a0<\/span>or fill the\u00a0<\/span>pockets of the\u00a0<\/span>mullahs and their\u00a0<\/span>relatives<\/span>. The regime\u2019s malign activities\u00a0<\/span>and race toward a nuclear bomb has put this regime in an unprecedented international isolation\u00a0<\/span>and under comprehensive sanctions.<\/span>\u00a0Instead of using the national wealth to help the Iranian people, the regime plunders people\u2019s wealth to further continue its\u00a0<\/span>adventur<\/span>ism<\/span>.<\/span>\u00a0The regime\u2019s economic mismanagement has caused\u00a0<\/span>the\u00a0<\/span>Iranian national currency to\u00a0<\/span>decrease, in comparison to\u00a0<\/span>the\u00a0<\/span>dollar, sometimes as much as two hundred thousand times.\u00a0<\/span>\u00a0<\/span><\/p>\n

The r<\/span>egime\u2019s economic failure has resulted\u00a0<\/span>in a high inflation rate, with an increasing trend. This has resulted in\u00a0<\/span>the increasing of goods\u2019 prices as much as 3600<\/span>\u00a0times<\/span>\u00a0within the last four decades.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

In other words,\u00a0<\/span>the\u00a0<\/span>Iranian currency\u00a0<\/span>has no value, but the mullahs\u2019 regime tries in vain to cover<\/span>\u00a0<\/span>up this absolute economic failure by removing\u00a0<\/span>four zeros from the national currency.\u00a0\u00a0<\/span>The regime tries to cover<\/span>\u00a0<\/span>up the increasing inflation and decrease of people\u2019s purchas<\/span>ing<\/span>\u00a0power<\/span>\u00a0to somehow control the restive Iranian society.\u00a0<\/span>\u00a0<\/span><\/p>\n

In this regard,\u00a0<\/span>Abdolnasser<\/span>\u00a0<\/span>Hemati<\/span>, head of the regime\u2019s central bank,\u00a0<\/span>in October 2019 said: \u201cThe national currency<\/span>, due to the inflation in many years, has practically lost its\u00a0<\/span>formal efficiency. Changing this form is a necessity.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

Some of the regime\u2019s economic expert, have described this action, <\/span>as \u201cremoving public sensitivity over the embezzlements,\u201d and\u00a0<\/span>\u201c<\/span>e<\/span>rasing the problem instead of solving it.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

D<\/span>eleting zeroes from\u00a0<\/span>the\u00a0<\/span>national currency can only be effective when it is accompanied by anti-inflation policies and austerity measures in the realm of financial policies, financial regularities of the government as well as attempts to get rid of long-lasting budget deficits and reliance o<\/span>n<\/span>\u00a0oil revenues. Otherwise, removing zeroes will soon lose its psychological effect and the zeroes will return with even more strength. In other words, the best solution to combat the rising inflation and to execute the economic stability program is independence of\u00a0<\/span>the\u00a0<\/span>Central Bank from the government and removing the problem-making economic policies.<\/span>\u00a0 So, in a nutshell, the regime, due its institutionalized corruption\u00a0<\/span>is unable to eliminate problem making economic policies; because eliminating t<\/span>hese policies means cutting the hands of all its corrupted institutions, particularly those under the\u00a0<\/span>supervision<\/span>\u00a0of the Supreme Leader and the Revolutionary Guards<\/span>\u00a0(IRGC)<\/span>,<\/span>\u00a0which is impossible. The regime needs every penny to survive<\/span>\u00a0and fund its oppression and terrorism machine.<\/span>\u00a0<\/span>Therefore, it has no solution.\u00a0<\/span>On the other\u00a0<\/span>hand<\/span>,<\/span>\u00a0due to the sanctions and the decrease\u00a0<\/span>in\u00a0<\/span>oil price<\/span>s<\/span>, along with its corruption, the\u00a0<\/span>mullahs\u2019 regime is unable to use oil revenues to help Iranian economy.\u00a0<\/span>\u00a0<\/span><\/p>\n

Th<\/span>e regime\u2019s maneuver of deleting zeros from the national currency, amid the coronavirus outbreak and\u00a0<\/span>the Iranian society<\/span>\u2019s<\/span>\u00a0poor economic situation, was meant only to control, or rather postpone<\/span>,<\/span>\u00a0an upcoming nationwide uprising by the army of hungr<\/span>y<\/span>\u00a0and unemployed<\/span>\u00a0people<\/span>;<\/span>\u00a0but this wouldn\u2019t work.\u00a0<\/span>\u00a0<\/span><\/p>\n

In this regard<\/span>,<\/span>\u00a0the state-run Aftab-e Yazd daily wrote\u00a0<\/span>today<\/span><\/a>: \u201cIt has been a year that the Iranian people<\/span>\u00a0are<\/span>\u00a0<\/span>experiencing hard days. If the Europeans\u00a0<\/span>are grappling for only two months with the coronavirus and experiencing desperation\u00a0<\/span>and depression, we have been grappling with various pro<\/span>blems and hardships for month and will experience more incidents and cris<\/span>e<\/span>s in a near future. Therefore, the\u00a0<\/span>[people\u2019s] tolerance is about to end. Wrong decision<\/span>s<\/span>\u00a0with negative psychological effects could\u00a0<\/span>end this tolerance faster<\/span>. There\u00a0<\/span>is\u00a0<\/span>enough negative news, particularly amid the coronavirus outbreak<\/span>. T<\/span>his decision [of removing zeros from national currency]\u00a0<\/span>did not make anyone happy. Officials should have waited.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

Yet the truth is<\/span>\u00a0that<\/span>\u00a0the regime\u2019s officials are not able to wait any longer<\/span>,<\/span>\u00a0and this regime is rapidly reaching its end.\u00a0<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Iranian regime’s parliament passed a bill to change the national currency from Rials to Tomans, eliminating four zeros from the national currency. This a clear sign of the regime’s absolute economic deadlock […]<\/p>\n","protected":false},"author":19,"featured_media":217760,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[186],"class_list":{"0":"post-217759","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-coronavirus"},"yoast_head":"\nIran: Regime Removes Four Zeros From National Currency Amid Coronavirus Outbreak, a Clear Sign of Its Absolute Economic Deadlock and Failure - NCRI<\/title>\n<meta name=\"description\" content=\"The Iranian regime\u2019s parliament\u00a0passed a bill to change the national currency from Rials to\u00a0Tomans, eliminating four zeros from the national\" \/>\n<meta name=\"robots\" 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