{"id":336886,"date":"2025-09-13T16:03:26","date_gmt":"2025-09-13T15:03:26","guid":{"rendered":"https:\/\/www.ncr-iran.org\/en\/?p=336886"},"modified":"2025-09-13T16:50:47","modified_gmt":"2025-09-13T15:50:47","slug":"irans-economy-under-the-clerical-regime-central-bank-failures-deepen-crisis","status":"publish","type":"post","link":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-economy-under-the-clerical-regime-central-bank-failures-deepen-crisis\/","title":{"rendered":"Iran\u2019s Economy Under the Clerical Regime: Central Bank Failures Deepen Crisis"},"content":{"rendered":"<figure id=\"attachment_235554\" aria-describedby=\"caption-attachment-235554\" style=\"width: 800px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-235554\" src=\"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/02\/Corruption-at-the-Central-Bank-of-Iran.jpg\" alt=\"Corruption-at-the-Central-Bank-of-Iran\" width=\"800\" height=\"500\" srcset=\"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/02\/Corruption-at-the-Central-Bank-of-Iran.jpg 800w, https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/02\/Corruption-at-the-Central-Bank-of-Iran-300x188.jpg 300w, https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/02\/Corruption-at-the-Central-Bank-of-Iran-768x480.jpg 768w, https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/02\/Corruption-at-the-Central-Bank-of-Iran-150x94.jpg 150w, https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/02\/Corruption-at-the-Central-Bank-of-Iran-696x435.jpg 696w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-235554\" class=\"wp-caption-text\">Central Bank of Iran<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><strong><em>Two-minute read<\/em><\/strong><\/p>\n<p style=\"text-align: justify;\">Since the establishment of the regime, Iran\u2019s economy has been plagued by <a href=\"https:\/\/www.ncr-iran.org\/en\/news\/economy\/is-irans-economy-on-the-brink-of-collapse\/\" target=\"_blank\" rel=\"noopener\">spiraling inflation<\/a> and the erosion of its national currency. What should have been the Central Bank\u2019s core responsibility\u2014protecting monetary stability\u2014has instead become a glaring symbol of systemic failure. Compared to regional peers that managed to rein in inflation, Iran under the clerical regime has descended into repeated cycles of crisis.<\/p>\n<h2 style=\"text-align: justify;\">Mohammadreza Farzin\u2019s Troubled Tenure<\/h2>\n<p style=\"text-align: justify;\">When Mohammadreza <a href=\"https:\/\/www.tehrantimes.com\/news\/480219\/CBI-governor-Saleh-Abadi-resigns-Farzin-replaces-him\" target=\"_blank\" rel=\"noopener\">Farzin replaced Ali Salehabadi<\/a> as the head of Iran&#8217;s Central Bank in January 2023, regime analysts gave the impression that he would restore calm to the foreign exchange market. Instead, his policies of injecting currency into the market failed to deliver sustainable stability. The toman collapsed from around 44,000 to over 72,000 per dollar, at times approaching 100,000. This freefall intensified inflation and devastated public purchasing power.<\/p>\n<p style=\"text-align: justify;\">Inflation reached unprecedented levels under Farzin\u2019s watch. Official figures put annual inflation at 47.6 percent and point-to-point inflation at 55.5 percent in early 2023, though independent estimates placed it above 60 percent. Former regime Central Bank governor <a href=\"https:\/\/snn.ir\/fa\/news\/1017524\" target=\"_blank\" rel=\"noopener\">Abdolnaser Hemmati criticized<\/a> the 43 percent surge in money printing in 2022, calling it the main driver of both currency collapse and inflation.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Iran?src=hash&amp;ref_src=twsrc%5Etfw\">#Iran<\/a>&#39;s &#39;Ghost Airlines&#39;: How Regime Insiders Plunder Billions While the Nation&#39;s Economy Craters<a href=\"https:\/\/t.co\/BH5qEkv3sr\">https:\/\/t.co\/BH5qEkv3sr<\/a><\/p>\n<p>&mdash; NCRI-FAC (@iran_policy) <a href=\"https:\/\/twitter.com\/iran_policy\/status\/1963711420413231440?ref_src=twsrc%5Etfw\">September 4, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify;\">\n<h2 style=\"text-align: justify;\">Inflation\u2019s Impact on Everyday Life<\/h2>\n<p style=\"text-align: justify;\">The consequences have been devastating for ordinary citizens. A million tomans in early 2023 is today worth little more than 380,000 tomans\u2014over a 60 percent loss in purchasing power. As John Maynard <a href=\"https:\/\/www.economicsnetwork.ac.uk\/archive\/keynes_persuasion\/Inflation.htm\" target=\"_blank\" rel=\"noopener\">Keynes once observed<\/a>, inflation acts as a hidden confiscation of wealth, and in Iran this has been accompanied by explosive monetary growth. Liquidity rose from 6,337 trillion tomans in January 2023 to nearly 10,000 trillion by March 2025, a 58 percent increase. That means the regime was effectively printing an additional 4.8 trillion tomans every day.<\/p>\n<p style=\"text-align: justify;\">The regime touts economic growth as proof of success, yet official growth figures\u2014around 4 percent\u2014stem largely from discounted oil sales to China, not genuine productivity. Meanwhile, inflation has neutralized any positive effect, leaving real living standards in decline. The promise of \u201csocial justice,\u201d also enshrined in law, has been disregarded as inequality widens under the clerical rule.<\/p>\n<h2 style=\"text-align: justify;\">A Politicized Central Bank<\/h2>\n<p style=\"text-align: justify;\">Farzin\u2019s record is also marked by political maneuvering. Despite formal bans on new appointments during the transition to the new government in 2024, he issued over 15 appointments, many tied to political factions such as Saeed Jalili\u2019s allies. These last-minute moves underscore how the Central Bank has been politicized, serving factional interests rather than national stability.<\/p>\n<p style=\"text-align: justify;\">Even his explanations for the rial\u2019s collapse\u2014blaming social media channels\u2014highlight the regime\u2019s loss of credibility and control.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Pezeshkian\u2019s confession: Iran\u2019s economy in freefall, society on the brink of eruption <a href=\"https:\/\/t.co\/HVrpJgh818\">https:\/\/t.co\/HVrpJgh818<\/a><\/p>\n<p>&mdash; People&#39;s Mojahedin Organization of Iran (PMOI\/MEK) (@Mojahedineng) <a href=\"https:\/\/twitter.com\/Mojahedineng\/status\/1954864351648645538?ref_src=twsrc%5Etfw\">August 11, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify;\">\n<h2 style=\"text-align: justify;\">A Systemic Failure Under the Clerical Regime<\/h2>\n<p style=\"text-align: justify;\">The Central Bank\u2019s failures are not isolated mistakes but a direct result of governance under the mullahs\u2019 rule. Inflation continues to erode livelihoods, the rial remains in freefall, and trust in state institutions has collapsed. In the words of critics, the Central Bank has lost its mission entirely: it has neither preserved the value of the national currency nor controlled inflation.<\/p>\n<p style=\"text-align: justify;\">The economic suffering endured by the Iranian people is not merely the result of technical mismanagement but of a political system that prioritizes survival of the regime over the well-being of its citizens.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two-minute read Since the establishment of the regime, Iran&rsquo;s economy has been plagued by spiraling inflation and the erosion of its national currency. What should have been the Central Bank&rsquo;s [&#8230;]<\/p>\n","protected":false},"author":22,"featured_media":235554,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[269],"class_list":{"0":"post-336886","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-iran-economy"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Iran\u2019s Economy Under the Clerical Regime: Central Bank Failures Deepen Crisis - NCRI<\/title>\n<meta name=\"description\" content=\"Two-minute read Since the establishment of the regime, Iran\u2019s economy has been plagued by spiraling inflation and the erosion of its national currency. 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The Central Bank of Iran, under the clerical regime, has failed in its mission to protect the national currency and curb inflation, leaving citizens impoverished and the economy destabilized\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ncr-iran.org\/en\/news\/economy\/irans-economy-under-the-clerical-regime-central-bank-failures-deepen-crisis\/\" \/>\n<meta property=\"og:site_name\" content=\"NCRI\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-13T15:03:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-13T15:50:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/02\/Corruption-at-the-Central-Bank-of-Iran.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mansoureh Galestan\" \/>\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=\"Mansoureh Galestan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 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\\\/news\\\/economy\\\/irans-economy-under-the-clerical-regime-central-bank-failures-deepen-crisis\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-economy-under-the-clerical-regime-central-bank-failures-deepen-crisis\\\/\"},\"author\":{\"name\":\"Mansoureh Galestan\",\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/#\\\/schema\\\/person\\\/4039d83ce2c628eef0e1a1f461381ab9\"},\"headline\":\"Iran\u2019s Economy Under the Clerical Regime: Central Bank Failures Deepen Crisis\",\"datePublished\":\"2025-09-13T15:03:26+00:00\",\"dateModified\":\"2025-09-13T15:50:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-economy-under-the-clerical-regime-central-bank-failures-deepen-crisis\\\/\"},\"wordCount\":555,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-economy-under-the-clerical-regime-central-bank-failures-deepen-crisis\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/wp-content\\\/uploads\\\/2021\\\/02\\\/Corruption-at-the-Central-Bank-of-Iran.jpg\",\"keywords\":[\"Iran economy\"],\"articleSection\":[\"Iran Economy News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-economy-under-the-clerical-regime-central-bank-failures-deepen-crisis\\\/\",\"url\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-economy-under-the-clerical-regime-central-bank-failures-deepen-crisis\\\/\",\"name\":\"Iran\u2019s Economy Under the Clerical Regime: Central Bank Failures Deepen Crisis - NCRI\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-economy-under-the-clerical-regime-central-bank-failures-deepen-crisis\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/news\\\/economy\\\/irans-economy-under-the-clerical-regime-central-bank-failures-deepen-crisis\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ncr-iran.org\\\/en\\\/wp-content\\\/uploads\\\/2021\\\/02\\\/Corruption-at-the-Central-Bank-of-Iran.jpg\",\"datePublished\":\"2025-09-13T15:03:26+00:00\",\"dateModified\":\"2025-09-13T15:50:47+00:00\",\"description\":\"Two-minute read Since the establishment of the regime, Iran\u2019s economy has been plagued by spiraling inflation and the erosion of its national currency. 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