{"id":221734,"date":"2020-07-07T13:55:59","date_gmt":"2020-07-07T12:55:59","guid":{"rendered":"https:\/\/www.ncr-iran.org\/en\/?p=221734"},"modified":"2023-01-24T18:26:37","modified_gmt":"2023-01-24T17:26:37","slug":"irans-currency-freefall-more-pressure-on-people-and-a-direct-result-of-regimes-wrong-policies","status":"publish","type":"post","link":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-currency-freefall-more-pressure-on-people-and-a-direct-result-of-regimes-wrong-policies\/","title":{"rendered":"Iran\u2019s Currency Freefall: More Pressure on People and a Direct Result of Regime\u2019s Wrong Policies"},"content":{"rendered":"
\"Iran\u2019s
Iran\u2019s Currency Freefall: More Pressure on People and a Direct Result of Regime\u2019s Wrong Policies<\/figcaption><\/figure>\n

Iran’s national currency is rapidly losing its value against the U.S. dollar<\/span>. Today, <\/span>$1<\/span> was exchanged at <\/span>2<\/span>1<\/span>,<\/span>7<\/span>00 <\/span>toman<\/span>s<\/span> on <\/span>the Iranian market.\u00a0 <\/span>The exchange rate on Friday, June 19, was <\/span>18,800<\/span> tomans<\/span>,<\/span> and <\/span>it has <\/span>increased <\/span>by <\/span>nearly<\/span> 2<\/span>0 percent<\/span> in less than <\/span>two<\/span> weeks.\u00a0<\/span>\u00a0<\/span><\/p>\n

In other words, the value of <\/span>Iran\u2019s<\/span> currency and the purchasing power of <\/span>employees<\/span> and the underprivileged have fallen <\/span>by 20 percent<\/span> in just two weeks, and the people <\/span>have <\/span>become poorer<\/span> by <\/span>20 percent<\/span> in just two weeks.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

The freefall of <\/span>the value of a country\u2019s currency is an indicator of its government\u2019s absolute economic bankruptcy. <\/span>The current value of Iran\u2019s currency<\/span>,<\/span> along with other indications such inflation and liquidity rate, adds more pressure on the Iranian people.\u00a0<\/span> A<\/span>ccording to <\/span>state-run media<\/span>,<\/span> the terrible amount of liquidity has reached 2651 t<\/span>rillion<\/span> tomans<\/span>.<\/span> This<\/span> huge amount of liquidity <\/span>will result in a<\/span> rising inflation rate and <\/span>higher <\/span>prices. The regime, along with its institutionalized <\/span>corruption, has increased the prices of all goo<\/span>ds, or has been spending people\u2019s wealth on terrorism.\u00a0<\/span>\u00a0<\/span><\/p>\n

Sadegh<\/span> Ziba<\/span>-Kalam, <\/span>o<\/span>ne of the regime\u2019s <\/span>experts, <\/span>who is <\/span>close to Hassan Rouhani\u2019s government, in this regard <\/span>told the state-run <\/span>Etemad<\/span> website <\/span>on June 25<\/span>: \u201c<\/span>Let’s start with a <\/span>simple math <\/span>and initial division of this year’s budget to determine <\/span>why each dollar is equivalent to 20,000 <\/span>tomans<\/span>?<\/span> The general budget of the government this year is about 480 <\/span>tr<\/span>illion <\/span>tomans<\/span> … Even before <\/span>the COVID-19 pandemic<\/a><\/span>, the government did not have 150 <\/span>tr<\/span>illion <\/span>tomans<\/span>, or nearly one-third of it<\/span>s<\/span> 480<\/span> trillion <\/span>toman<\/span> budget<\/span> [the regime <\/span>faced a budget deficit<\/span>]<\/span>. The budget was approved by <\/span>[the regime\u2019s] P<\/span>arliament in December. Approximately half of <\/span>this<\/span> budget<\/span> come<\/span>s<\/span> from taxes <\/span>[<\/span>195<\/span> tr<\/span>illion <\/span>tomans<\/span>]<\/span> and oil exports <\/span>[at least <\/span>one million barrels per day <\/span>at <\/span>an average of $50 a barrel<\/span>].\u201d\u00a0<\/span><\/p>\n

\"Weekly-Signe-up-logo-300x100\"<\/a><\/p>\n

While trying to undermine the regime\u2019s institutionalized corruption and use of national funds for export of terrorism<\/span>,<\/span> Ziba<\/span>-Kalam added: <\/span>\u201c<\/span>Sanctions and the COVID-19 pandemic<\/a> dismissed all the government’s calculations. Sanctions decrease [the regime’s] oil exports from one million barrels to less than 100,000 barrels a day, in <\/span>a <\/span>best-case<\/span> scenario. <\/span>L<\/span>et alone that Iran [regime] circumvents sanctions so it <\/span>has to<\/span> reduce the price and sell the same 100,000 barrels <\/span>at <\/span>much less than the official price. Aside from oil revenue, the pandemic has already <\/span>disrupted<\/span> the <\/span>country\u2019s<\/span> tax revenues to the present day. <\/span>T<\/span>he<\/span> fate of oil and taxes revenues, two main resources of this year’s budget, are currently unknown. In <\/span>addition,<\/span> there was a one-third budget deficit.<\/span>\u201d<\/span>\u00a0<\/span><\/p>\n

Earlier in June, <\/span>Eshagh<\/span>\u202f<\/span>Jahangiri<\/span>, the Iranian regime\u2019s vice president, acknowledged that there has been a\u202fsharp drop\u202fin the\u202fregime\u2019s oil revenues due to U<\/span>.S.<\/span> sanctions,\u202fwith\u202fthe revenue\u202fat\u202faround\u202f$8 billion\u202flast year.\u202f\u202f\u201cWe had $100 billion <\/span>in <\/span>oil revenues. But our total oil revenue last year was around $8 billion. This decrease of revenue has had an impact on all parts, including the government\u2019s budget,\u201d he added.\u00a0<\/span>\u00a0<\/span><\/p>\n

Despite being under sanctions and the sharp drop in the country\u2019s revenues, the regime has not ceased plundering the national wealth to fund its malign activities or fill the pocket with its mercenaries.<\/span>\u00a0<\/span><\/p>\n

Another regime economist, <\/span>H<\/span>u<\/span>ssain<\/span> Raghfar<\/span>, in an interview with the ILNA news agency<\/span>, while referring to the prophecies about the rising currency rate in Iran,<\/span> said: <\/span>\u201c<\/span>Many of these speculations are in line with the economic policies in Iran, which go beyond the government<\/span>. T<\/span>he entire political-economic system has decided <\/span>to <\/span>use the people’s pockets for the time <\/span>bein<\/span>g<\/span> to pay the [regime’s] expenses<\/span>.\u201d<\/span>\u00a0<\/span><\/p>\n

\u201c<\/span>One of the most important decisions to make is to raise the exchange rate. Certainly, the consequences of this decision will be on all people, society, <\/span>production<\/span> and the future of the economy<\/span>,\u201d he added.\u00a0<\/span>\u00a0<\/span><\/p>\n

In this regard, on<\/span> June 4, the state-run <\/span>Eqtesad<\/span> News website wrote: \u201cAccording to the Majlis Research Center, the poverty line of four-person households in Tehran has increased from 2.5 million tomans to 4.5 million tomans in the last two years, which means that the inflation rate has increased by 80%, and this inflation rate has led to significant growth in the poverty line in Tehran and other parts of the country. This, along with a significant reduction of general income, has led to an increase in the poverty rate over the years, and the available evidence suggests that this variable is increasing in 2019 and 2020.\u201d<\/span>\u00a0<\/span><\/p>\n

Yet, instead of taking necessary action, the regime\u2019s president Hassan Rouhani <\/span>o<\/span>n June 23, at a meeting of the government’s economic coordination <\/span>headquarters, called<\/span> the exchange rate increase “temporary” and “passing<\/span>.<\/span>“<\/span> His remarks confirm the regime has no intention of <\/span>changing its wrong economic policies.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

The regime spends billions of Iranian people\u2019s wealth on terrorism. The regime\u2019s warmongering policies has not only pushed Iranian people further under the poverty line, but it has <\/span>resulted in economic sanctions.\u00a0 In addition, the regime\u2019s institutionalized corruption <\/span>leaves nothing<\/span> for the Iranian people. The mullahs mismanagement of the COVID-19 <\/a><\/span>pandemic and<\/span> delaying in paying <\/span>medical staff and other people\u2019s paychecks, which have resulted in protests across the country, shows the regime has no intention of helping the Iranian people.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

As Mrs. Maryam Rajavi<\/a>, the President-elect of the National Council of Resistance of Iran (NCRI<\/a>), has said: All the promises by the mullahs to the deprived and calamity-stricken people of Iran are hollow and worthless. The only way to end poverty, destitution, and unemployment is to end the mullahs\u2019 evil dictatorship and establish freedom and people\u2019s sovereignty.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Iran’s national currency is rapidly losing its value against the U.S. dollar. Today, $1 was exchanged at 21,700 tomans on the Iranian market.  The exchange rate on Friday, June 19, […]<\/p>\n","protected":false},"author":19,"featured_media":221735,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":{"0":"post-221734","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"yoast_head":"\nIran\u2019s Currency Freefall: More Pressure on People and a Direct Result of Regime\u2019s Wrong Policies - NCRI<\/title>\n<meta name=\"description\" content=\"Iran's national currency is rapidly losing its value against the U.S. dollar. 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