{"id":253502,"date":"2021-12-27T08:35:35","date_gmt":"2021-12-27T13:35:35","guid":{"rendered":"https:\/\/www.ncr-iran.org\/en\/?p=253502"},"modified":"2023-02-01T04:34:44","modified_gmt":"2023-02-01T03:34:44","slug":"editorial-iran-removing-official-exchange-rate-is-playing-with-fire","status":"publish","type":"post","link":"https:\/\/www.ncr-iran.org\/en\/editorial\/editorial-iran-removing-official-exchange-rate-is-playing-with-fire\/","title":{"rendered":"Editorial &#8211; Iran: Removing Official Exchange Rate Is Playing With Fire"},"content":{"rendered":"<p><img decoding=\"async\" title=\"exchange-iran\" class=\"alignnone size-full wp-image-253505\" src=\"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/12\/exchange-iran.jpg\" alt=\"exchange-iran\" width=\"1000\" height=\"542\" srcset=\"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/12\/exchange-iran.jpg 1000w, https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/12\/exchange-iran-300x163.jpg 300w, https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/12\/exchange-iran-768x416.jpg 768w, https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/12\/exchange-iran-150x81.jpg 150w, https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/12\/exchange-iran-696x377.jpg 696w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<p style=\"text-align: justify\">John Maynard Keynes, a renowned economist, once <a target=\"_blank\" href=\"https:\/\/www.forbes.com\/quotes\/5351\/\" rel=\"noopener\">said<\/a>, \u201cThere is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction and does it in a manner which not one man in a million can diagnose.\u201d<\/p>\n<p style=\"text-align: justify\">Now the mullahs\u2019 regime has decided to destroy Iran\u2019s already declining economy by removing the official exchange rate.<\/p>\n<p style=\"text-align: justify\">The government of Ebrahim Raisi has decided to remove the official exchange rate of 42,000 rials to a dollar. This decision comes at a time when Iran\u2019s national currency has plunged to a near all-time low of 305,000 rials to a dollar, and many economists the move as \u201cplaying with fire.\u201d<\/p>\n<p style=\"text-align: justify\">Raisi\u2019s predecessor, Hassan Rouhani. introduced the so-called \u201cofficial exchange rate\u201d in 2018 to control inflation and skyrocketing prices of essential goods, such as medicine, wheat, and livestock imports.<\/p>\n<p style=\"text-align: justify\">However, Iran\u2019s state media and officials had protested the cheap government dollars, complaining that it had led to large-scale corruption and, in fact, increased the inflation rate.<\/p>\n<p style=\"text-align: justify\"><a target=\"_blank\" href=\"https:\/\/eghtesaad24.ir\/fa\/news\/137219\/%D9%86%D8%A7%D9%85%D9%87-%D8%AA%D9%88%DA%A9%D9%84%DB%8C-%D8%A8%D9%87-%D8%B3%D8%B1%D8%A7%D9%86-%D9%82%D9%88%D8%A7-%D8%AF%D8%B1%D8%A8%D8%A7%D8%B1%D9%87-%D8%A7%D8%B1%D8%B2-%DB%B4%DB%B2%DB%B0%DB%B0%D8%AA%D9%88%D9%85%D8%A7%D9%86%DB%8C\" rel=\"noopener\">According<\/a> to Ahmad Tavakoli, a former MP, Rouhani\u2019s government \u201cunder the pretext of correcting prices, we wasted $65 million of the national reserves, plus selling all available currency.\u201d<\/p>\n<p style=\"text-align: justify\">\u201cIn 2019 alone, around $15 billion [based on the official exchange rate] was spent on importing various items,\u201d\u202f<a target=\"_blank\" href=\"https:\/\/www.farsnews.ir\/news\/14000816000208\/4-%D8%A7%DB%8C%D8%B1%D8%A7%D8%AF-%D8%AA%D8%AF%D8%A7%D9%88%D9%85-%D8%A7%D8%B1%D8%B2-4200-%D8%AA%D9%88%D9%85%D8%A7%D9%86%DB%8C-%D8%AD%D8%B0%D9%81-%D8%B1%D8%A7%D9%86%D8%AA-%D8%A7%D8%B1%D8%B2%DB%8C-%DA%86%D9%87-%D8%AA%D8%A7%D8%AB%DB%8C%D8%B1%DB%8C-%D8%B1%D9%88%DB%8C-%D9%82%DB%8C%D9%85%D8%AA%E2%80%8C%D9%87%D8%A7\" rel=\"noopener\">wrote<\/a>\u202fFars News Agency on November 7, 2021. \u201cBesides all this fuss,\u202fRouhani\u2019s government\u202fwas virtually incapable of controlling prices. Surveys show that based on the free-market exchange rate in that year, the importers embezzled around 5.1 quadrillion rials.\u201d<\/p>\n<p style=\"text-align: justify\">Since Rouhani\u2019s government had a huge budget deficit, it had to resort to printing banknotes to keep the official exchange rate. As a result, Iran\u2019s liquidity quickly grew, and since Iran had a low production rate, this liquidity caused inflation and skyrocketing prices.<\/p>\n<p style=\"text-align: justify\">The fundamental reason for Iran\u2019s national currency\u2019s rapid plunge is the destruction of the country\u2019s production in the last four decades. Hundreds of factories and thousands of workshops have stopped working. The regime has filled the production gap with imports and smuggling, thus wrecking the foundation of Iran\u2019s economy. The regime needs mass currency for mass imports, which explains why it spends most of the country\u2019s currency on imports.<\/p>\n<p style=\"text-align: justify\">Now Raisi\u2019s government is trying to remove the official exchange rate under the pretext of combatting corruption. The real motive, however, is to dig deeper into people\u2019s pockets.<\/p>\n<p style=\"text-align: justify\">During the last year of Rouhani\u2019s administration, the regime intended to eliminate the official exchange rate. By doing so, it estimated that it could\u202fearn\u202fat least\u202f600 trillion\u202frials. Now, if Raisi suspends or removes the official exchange rate, his government would earn around $2 billion, with the current exchange\u202fat a free market\u202frate\u202fof 305,000\u202frials\u202fto a dollar.<br \/>\nThe plan is to set a fixed rate of 230,000\u202frials to a dollar with the hope that it would result in lowering the prices. But since Iran\u2019s essential goods are imported by using the official exchange rate of 42,000 rials, the prices of goods would at least quintuple.<\/p>\n<p style=\"text-align: justify\">\u201cThe annual imports of the country are over 400 billion rials. While the removal of the official exchange rate will help increase government revenue and reduce the budget deficit, the prices of imported goods, including basic goods, intermediaries, and capital, will soar,\u201d Mohammad Lahouti, President of the Export Confederation of Iran <a target=\"_blank\" href=\"https:\/\/www.farsnews.ir\/news\/14000816000208\/4-%D8%A7%DB%8C%D8%B1%D8%A7%D8%AF-%D8%AA%D8%AF%D8%A7%D9%88%D9%85-%D8%A7%D8%B1%D8%B2-4200-%D8%AA%D9%88%D9%85%D8%A7%D9%86%DB%8C-%D8%AD%D8%B0%D9%81-%D8%B1%D8%A7%D9%86%D8%AA-%D8%A7%D8%B1%D8%B2%DB%8C-%DA%86%D9%87-%D8%AA%D8%A7%D8%AB%DB%8C%D8%B1%DB%8C-%D8%B1%D9%88%DB%8C-%D9%82%DB%8C%D9%85%D8%AA%E2%80%8C%D9%87%D8%A7\" rel=\"noopener\">told<\/a> the state-run Jahan-e Sanat daily on December 25.<\/p>\n<p style=\"text-align: justify\">\u201cWith the removal of the exchange rate of 42,000\u202frials, the cost of importing wheat will increase. In this case, a heavy subsidy must be paid to the bakers. Otherwise, we must accept a sharp increase in the price of bread,\u201d said\u202fAbdolnasser\u202fHemmati, the former Central Bank Chief, according to the state-run\u202fTejarat\u202fNews on November 10.<\/p>\n<p style=\"text-align: justify\">Bahram\u202fEynollahi, the regime\u2019s current Health Minister, was quoted by the state-run\u202fEntekhbat\u202fnews agency on November 9 as saying that if implemented, this plan would \u201cincrease the prices of medicines. This would be devastating for those who regularly use medications. They will have to auction their entire possessions to purchase medicine,\u201d said<\/p>\n<p style=\"text-align: justify\">\u201cOne of governments institutions recently provided some statistics which showed prices of goods increased by 190% based on the official exchange rate of 42000 rials to a dollar. On the other hand, the prices of goods that were imported without using the official exchange rate increased by 400%,\u201d wrote the state-run Madrom Salarie daily on December 21.<\/p>\n<p style=\"text-align: justify\">\u201cWell, with these conditions, now the government has decided to eliminate the official exchange rate. Naturally, prices will unbelievably skyrocket. Would 60 million people, who, according to the Statistics Center and the Central Bank, live below the poverty line and have a monthly income of fewer than 110 million rials, afford this situation?\u201d Mardom Salarie asked.<\/p>\n<p style=\"text-align: justify\">The removal of the official exchange rate, will undoubtedly add to people\u2019s economic woes and worsen the country\u2019s financial crunch. Every day, people from all walks of life hold rallies, demanding their basic rights, back pay, and protesting against the dire living conditions.<\/p>\n<p style=\"text-align: justify\">At least four large-scale protests have erupted in Iran since the beginning of 2021. Two years after the November 2019, major uprising, these protests demonstrated the outpouring of decades of vented anger and frustration by Iranians over the regime\u2019s disastrous policies and bespeak of the society\u2019s explosive state and the possibility of another uprising. The state-run media have admitted as much. \u201cIf Iranians find out they will face the tsunami of skyrocketing prices and their purchasing power decreases in 2022, God knows how they would react,\u201d warned Jahan-e Sanat daily on December 20,<\/p>\n<p>The removal of the official exchange rate makes it abundantly clear that the regime is neither willing nor capable of addressing the fundamental crises gripping the Iranian society. The mullahs in Tehran need every penny to fuel their machinery of suppression, terrorism, and war to preserve their fragile grip on power. The plight of the Iranian people is of no concern to them whatsoever.<\/p>\n<p>&nbsp;<\/p>\n<p><a target=\"_blank\" href=\"https:\/\/stats.sender.net\/forms\/dGYVLa\/view\" rel=\"noopener\"><img decoding=\"async\" title=\"Weekly-Signe-up-logo-1\" class=\"size-full wp-image-246866 aligncenter\" src=\"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/09\/Weekly-Signe-up-logo-1.png\" alt=\"Weekly-Signe-up-logo-1\" width=\"250\" height=\"83\" srcset=\"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/09\/Weekly-Signe-up-logo-1.png 250w, https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/09\/Weekly-Signe-up-logo-1-150x50.png 150w\" sizes=\"(max-width: 250px) 100vw, 250px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>John Maynard Keynes, a renowned economist, once said, &ldquo;There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":253505,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61],"tags":[269,1169],"class_list":["post-253502","post","type-post","status-publish","format-standard","has-post-thumbnail","category-editorial","tag-iran-economy","tag-exchange-rate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Editorial - Iran: Removing Official Exchange Rate Is Playing With Fire - NCRI<\/title>\n<meta name=\"description\" content=\"John Maynard Keynes, a renowned economist, once said, \u201cThere is no subtler, no surer means of overturning the existing basis of society than to debauch Many economists regard the removal of the official exchange rate in Iran by the government of Ebrahim Raisias as \u201cplaying with fire.\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ncr-iran.org\/en\/editorial\/editorial-iran-removing-official-exchange-rate-is-playing-with-fire\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Editorial - Iran: Removing Official Exchange Rate Is Playing With Fire - NCRI\" \/>\n<meta property=\"og:description\" content=\"John Maynard Keynes, a renowned economist, once said, \u201cThere is no subtler, no surer means of overturning the existing basis of society than to debauch Many economists regard the removal of the official exchange rate in Iran by the government of Ebrahim Raisias as \u201cplaying with fire.\u201d\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ncr-iran.org\/en\/editorial\/editorial-iran-removing-official-exchange-rate-is-playing-with-fire\/\" \/>\n<meta property=\"og:site_name\" content=\"NCRI\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-27T13:35:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-01T03:34:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/12\/exchange-iran.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"542\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"The Editorial Board\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@iran_policy\" \/>\n<meta name=\"twitter:site\" content=\"@iran_policy\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Editorial Board\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":[\"Article\",\"BlogPosting\"],\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/editorial\\\/editorial-iran-removing-official-exchange-rate-is-playing-with-fire\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/editorial\\\/editorial-iran-removing-official-exchange-rate-is-playing-with-fire\\\/\"},\"author\":{\"name\":\"The Editorial Board\",\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/#\\\/schema\\\/person\\\/2297668126640a622fcef43788217d85\"},\"headline\":\"Editorial &#8211; 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