Indian currency rupee condition has never happened like it is now. 69 dollars instead of one dollar. The countries whose currency is the currency is all slim.
The health of Pakistan, Sri Lanka, Indonesia and Nepal is also not good. However, there is not only Rupee in the grip of the US dollar’s grip. Iran’s currency riyal has been badly damaged.
Iran is in very difficult circumstances. People in the capital city of Tehran are protesting against the government by shutting down their shops. Iran’s currency riyal is taking a final breath in front of the US dollar.
Iran’s economists say that if President Hassan Rouhani did not take any decisive step then the matter would be left out of hand.
A dollar means 90 thousand Iranian Rial
In Iran’s unofficial market, people are buying one US Dollar by giving 90 thousand riyals. At the same time this is an increase of 110% compared to last year.
If you look officially, you have to give about 43 thousand riyals instead of one dollar.
On May 8, when the United States declared Iran to end the nuclear deal, the rate of Iranian currency riyal has declined by 40 percent.
Iran is again threatened by US sanctions. Fear of this danger is the situation in Iran’s entire economy and market stampede.
Iran’s exports and imports are going to be badly affected. Al-Jazeera reported that in this Central Market in Tehran this week shopkeepers performed many.
Meanwhile, Iranian President Hassan Rouhani has said that in the hour of crisis, stay with Iran’s peace and unity.
Iranian supreme leader Ayatollah Ali Khamenei has also said that the country’s economy is facing a serious crisis. They have told the government that those who are engaged in destabilizing the economy of Iran, the government will face them rigorously.
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According to the Atlantic Council report, Iran’s President Hassan Rouhani tried to fix an integrated exchange rate of 42 thousand riyals against a dollar against the market.
Along with this, 100 important money exchangers were arrested. It was being said that these money exchangers were giving dollars in exchange for different riyals at different rates. However, these efforts of the government have not worked.
According to the Atlantic Council report, Money changers stopped selling dollars on official rates. When Money changers were forced to take 42 thousand riyals for a dollar, they started to say that the dollar is over.
The government, on the other hand, is officially supplying very few dollars in comparison to market demand.
low interest rates
Due to the interest rate of less than 15% on behalf of Central Bank of Iran, there is a failure at the policy level.
In recent years, Iranian banks had offered 25% interest rate so that those who wanted to keep their currency in dollar could face them. It is being said that due to low interest rates, people chose the dollar for business.
However, the issue is not the only one. Experts believe that one of the biggest reasons is that Central Bank has a huge foreign currency deficit and there is no dearth of dollar demand for Iranian tourists.
According to the Atlantic Council report, Iran is earning about $ 50 billion annually from oil and gas exports.
Out of this, $ 7 billion goes to the national companies of oil so that they can continue to search for gas and oil. Simultaneously, this amount is also used for the equipment and renewal.
Along with this, about 9 billion dollars are provided to Iranian tourists. According to an estimate, the amount of smuggled 12 to 20 billion dollars goes away. That means 28 to 36 billion dollars out of the $ 50 billion coming from oil and gas exports every year.
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Among them, international analysts believe that if the United States canceled the nuclear deal on May 8, its major psychological impact was on domestic and foreign investors.
People took their capital back from Iran and started putting them in Dubai and Istanbul. The fear of instability in Iran’s economy in the minds of investors has gone home badly.
Iran’s first Vice-President Ishaq Jahangiri is considered a reformist leader. They have said that Iran should talk to the United States directly. Ishaq has said that Iran is going in a serious ‘economic war’ and its outcome is very bad.
They have said that Iran can not take China and Russia out of this crisis. They say that the United States can only remove Iran from this crisis.
Arman Akhbar has written that Iran will be in more difficult days to come. This newspaper has printed the statement of former Iranian envoy Ali Khurram in the UN, in which he said, “America has planned for Iran in the same way as the US overthrew Saddam Hussein’s government in Iraq. . The US did this work in Iraq at three levels and it is going to do the same in Iran. First will be the ban, then it will completely disrupt the import of oil and gas and in the end, the military will take action. ”
After all what is the option?
There is a voice within Iran that Hassan Rouhani will take some concrete steps. Syed Lailaz, a well-known economist from Iran, has told al-Jazeera, “The government gives subsidies to foreigners to buy dollars to buy dollars.” This subsidy should be immediately terminated. According to the government’s policy, every Iranian market going abroad can buy $ 1,000 at half the price. ”
Saeed said, “Iranians go abroad between 10 million and 1.2 million every year and they spend $ 15 billion to $ 20 billion. Due to this subsidy the dollar demand is never low. I am not saying that the government limits the foreign visits of the Iranian but the government can stop subsidizing it. We do not know why the government is not taking any decision on this. “