{"id":311173,"date":"2023-08-27T11:48:09","date_gmt":"2023-08-27T10:48:09","guid":{"rendered":"https:\/\/www.ncr-iran.org\/en\/?p=311173"},"modified":"2023-08-27T11:48:09","modified_gmt":"2023-08-27T10:48:09","slug":"the-toll-of-unbacked-banknotes-irans-inflation-and-suffering","status":"publish","type":"post","link":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/the-toll-of-unbacked-banknotes-irans-inflation-and-suffering\/","title":{"rendered":"The Toll of Unbacked Banknotes: Iran’s Inflation and Suffering"},"content":{"rendered":"

\"iran<\/p>\n

Since becoming the Iranian regime\u2019s president in 2021, Ebrahim Raisi has been making hollow promises and bogus claims about economic reform and prosperity. Yet, bereft of any meaningful or realistic measure for Iran\u2019s financial calamity and being a loyal official of a corrupt establishment that creates and exacerbates the economic dilemma, his words and claims are nothing but pouring salt on people\u2019s wounds.<\/p>\n

Thousands of Iranian workers are laid off from work, the country\u2019s inflation soars and the unemployment rate hits records annually. Walls across Iran<\/a> are adorned with many advertisements by youth and heads of households auctioning their vital body organs to earn their families\u2019 bread.<\/p>\n

On August 20, the state-run Etemad online published an infographic<\/a> acknowledging that prices of at least 12 basic food items have soared in the second year of Raisi\u2019s presidency. According to this outlet, \u201cthe cost of poultry has surged by 203%, while meat prices have experienced an even steeper rise of 318%. Likewise, there have been significant hikes in the prices of vegetable oil (328%), pasta (283%), sugar (253%), yogurt (307%), and eggs (161%).\u201d<\/p>\n

While the ruling theocracy and its apologists try to blame<\/a> Iran\u2019s economic crunch on sanctions, regime officials and state media have acknowledged how the corrupt system\u2019s economic policies and financial schemes worsen the current situation. Facing a severe budget shortage, Raisi\u2019s government has increased banknote printing despite its negative effects, notably its role in increasing inflation.<\/p>\n

\u201cOn a daily basis, a substantial sum of six quadrillion rials<\/a> is being generated in banknotes. Notably, this monetary influx is distributed in a rather imbalanced manner. Approximately 70% of this newly created money finds its way into the coffers of 8% of the population, leaving only 30% divided among the remaining 99.2%. Consequently, this monetary expansion has resulted in a decline in the purchasing power of the majority while simultaneously exacerbating the socio-economic divide. Consequently, the less privileged are witnessing a further erosion of their financial standing, and even the middle class is experiencing a steady deterioration in their economic status over time,\u201d the state-run ISNA<\/a> news agency reported on August 20.<\/p>\n

<\/div>
What has Ebrahim Raisi achieved in Iran other than economic blunders?<\/div><\/div>
<\/div>
<\/div>
<\/div><\/div><\/div>