Iranian currency, the rial, continued its sharp decline on Sunday, registering a new
historic low against the dollar, trading at 24,300 rials to dollar at Tehran
foreign currency markets. Only yesterday, rial had hit then-historic low of
23,000 to dollar. The latest slide in rial’s
value, from Saturday to Sunday, was nearly 6 percent in just 24 hours.
When President Ahmadinejad
took office in 2005, the rial was traded at 9,200 to dollar. Today’s rate
represents a massive devaluation of the currency, by 164 percent in less than seven years!
The sharpest decline occurred this year. In January 2012, the rial was traded
at 17,800 to dollar, now at 24,300, a 71 percent loss in value in less than
nine months.
(Photo: ISNA)
11 comments:
Interesting,if you consider a toilet roll has 150 sheets and there are 4 rolls in a pack which will be 600 sheets for $2.50c and then divide 24300 into 50 rial notes,then you have 486 sheets X two,you have 972 sheets for $2.00 hence saving $0.50c per pack and have extra 372 bargain sheets of IRI currency to use.
That would be a considerable saving for a large family at the end of the budgetary year.
Looking forward for more Super IRI currency discounts in the very near future!
You see: this is the result of thoughtful and farsighted policies of a Islamic regime, who believes that decades of unchecked trash-talking is a successful and future-proof business-model for the country to operate upon ...
@2:04
It's wonderful that you took the time to do the math!
Anon 2:04
Looking at the face on them, I can see why you would wish to use them in that fashion
The drop is not due to any policy of the Iranian goverment but the effect of the pyscological effects of the banking sanctions. The cycle of people profiting off the drop by reselling dollars needs to stop with the government announcing that dollars will be exited from the monatary system. Euros, pounds, and yen are as easily accepted abroad and should be used instead. There is no need that Iran still use a currency that is used by its enemy to hurt it. Both business people and travelers can easily use those other currencies in their dealings. As in the market crash of the 20s in the US the unending drop fuels further scare and drops. Iran has enough hard currency and gold for there to be no problems but pyscology and fear are as Churchhill said the greatest danger.
Another great day for Iran exports which are now that much cheaper on the global market.
Wow,Amir Taheri and Mark Pyruz,the guardians of the Islamic revolution are back.
And what are those "exports" Mark Pyruz?
Suicide jackets?
Amir Taheri said...
The drop is not due to any policy of the Iranian goverment but the effect of the pyscological effects of the banking sanctions.----
------
as if the sanctions are not due to the policies of the Iranian regime, eh Teheri?
of course, Mark, you might bear in made that the only exports that Iran has that amount to anything much are the ones that are being boycotted.
but hey, Iranian pistachios are now gonna be more affordable and that'll sustain the economy while the oil sits in storage tanks
Amir Taheri said:
"The drop is not due to any policy of the Iranian government but the pyscological effects of the banking sanctions."
@Learn how Psychological is spelled,then try to convince us with the dross that you just wrote!
It is the fault of the policies of so called Islamic government(note I didn't say Iranian government).
A bad workman always blames their tools for the shoddy workmanship!
Amir Taheri said:
"There is no need that Iran still use a currency that is used by its enemy to hurt it."
@Unbelievable rubbish,because even North Korea uses US dollars for its trade transactions.
I would say the real enemy is the Islamic regime and its stooges that are hurting Iran not the US currency.
Amir Taheri said:
"Both business people and travelers can easily use those other currencies in their dealings."
@At 24300 rials to the US dollar, no normal Iranian traveler could afford to leave the borders,let alone do business abroad.Unless of course you are a IRI stooge with its little bonuses.
Amir Taheri said:
"Iran has enough hard currency and gold for there to be no problems but pycsology and fear are as Churchill said the greatest danger."
@Yet again you have this problem with the word psychology. Only three years ago Iran's reserves were noted to be $20 Billion by regime estimates.As for its gold reserves,$18 Billion worth was channeled to Turkey via a large truck that seemed to have conveniently lost its way across the border.Under Turkish law the money was confiscated.But unsurprisingly a few months later the Turkish authorities bought a large ship, and loaded it up and sent it towards Israel.Which lead to confrontation with the Israelis.
Take a wild guess who paid for that?
As for Churchill,don't even go there because Churchill was a man who loved his country unlike the leadership in Iran who despise Iranian culture and swamped it with barbaric nomadic culture of the Arabian peninsula.
My conclusion on Mr Amir Taheri's post was of a man that serves the agenda of the corrupt Islamic theocracy without much thought and thinking that we would believe in his half baked clap trap.
Here you have the solution; it was exactly my thought:
http://www.atimes.com/atimes/Middle_East/NI11Ak01.html
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