{"id":305026,"date":"2023-03-31T11:37:53","date_gmt":"2023-03-31T10:37:53","guid":{"rendered":"https:\/\/www.ncr-iran.org\/en\/?p=305026"},"modified":"2023-05-02T15:34:48","modified_gmt":"2023-05-02T14:34:48","slug":"the-hidden-aspects-of-irans-economic-crisis-and-fluctuating-market","status":"publish","type":"post","link":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/the-hidden-aspects-of-irans-economic-crisis-and-fluctuating-market\/","title":{"rendered":"The Hidden Aspects of Iran\u2019s Economic Crisis and Fluctuating Market\u00a0"},"content":{"rendered":"

\"iran<\/p>\n

The Iranian rial has once again experienced a sharp decline during the first week of the Persian New Year, 1402, which began on March 21. Last week, the rial was being exchanged at 520,000 against the dollar, and this ongoing fluctuation reflects the bleak state of the Iranian economy.<\/span>\u00a0<\/span><\/p>\n

From January 2023 to March, the dollar rate went from 300,000 rials to 600,000. It dropped to 450,000 a few weeks before Nowruz and once again reached 530,000 rials last week. This instability<\/a>, even according to officials and state-affiliated experts, has no economic or financial rationale.\u00a0<\/span>\u00a0<\/span><\/p>\n

On February 27, the clerical regime\u2019s president, Ebrahim Raisi, desperately tried to show that he was not aware of the reason behind the market fluctuations. \u201cHow did the dollar exchange rate increase on Mabath [Prophet Muhammad’s first revelation], when the markets were closed?\u201d he said. <\/span>\u00a0<\/span><\/p>\n

Due to the severity of the crisis, some state media outlets and experts acknowledged some aspects of the reality while warning authorities about its social consequences.\u00a0<\/span>\u00a0<\/span><\/p>\n

On March 2, the state-run Tasnim News Agency wrote about the \u201chidden aspects\u201d of \u201cdetermining the exchange rate in Iran’s economy.\u201d \u201cOnly a comprehensive look at all its dimensions can explain the reason for the recent increase in the dollar price, which, due to the complexity and ambiguity of Iran’s economy, has no clear explanation for it,\u201d Tasnim wrote. <\/span>\u00a0<\/span><\/p>\n

Unlike some others who blame the regime\u2019s Central Bank, Mahmoud Jamsaz, a state-affiliated economist, laid the blame on Raisi\u2019s government and the \u201cdefective corrupt structure of the political economy,\u201d adding that the \u201cCentral Bank is just a part of this corrupt cycle.\u201d <\/span>\u00a0<\/span><\/p>\n

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State-backed credit institutions plundering the Iranian people\u2019s wealth<\/div><\/div>
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