Iran’s currency drops in value; another failure for the regime amid the widespread protests
Many economists believe the currency will continue to depreciate because its value is determined by macroeconomic factors such as inflation, rising liquidity due to the regime’s banknote printing, massive capital flight, destruction of production, and low GDP.
While the Iranian people are being crushed by economic pressure, the regime’s president, Ebrahim Raisi, and his government have spent time denying the crisis and claiming financial growth and achievements. Iranians are struggling to make ends meet as basic commodities prices skyrocket, but Raisi brags about lower inflation, economic growth, reopening closed factories, and an abundance of basic necessities.
“The adversary is frustrated and envious of our progress. They oppose our country’s progress in manufacturing, industry, agriculture, and other scientific fields. “The train of development is on track, and the enemy wants to stop it,” he falsely claimed on December 15 in Birjand.
Iran has been rocked by anti-regime protests for the past four months. The nationwide uprising was sparked by the tragic murder of a young Kurdish girl by the morality police. The death of Mahsa Amini was the spark that liberated Iran’s explosive society from the Iranian regime’s control.
Despite this, officials and the state media continue to twist the truth. “Enemies resort to riots because they envy a strong Iran that continues to advance in science,” the Keyhan daily, known as the mouthpiece of the supreme leader, Ali Khamenei, wrote on November 24.
On several occasions, Khamenei claimed that the regime’s “scientific development speed is 13 times the average global paste.” “In terms of nanotechnology, we are among the top countries.” “We are the world’s fourth or fifth largest economy,” and “we rank fourth or fifth in missile and drone capabilities.”
Nonetheless, the country’s freefall alone debunks religious fascism’s claims. Tehran lacks any solution to the national currency’s depreciation and rising commodity prices. The rising trend of the exchange rate and coins reflects the Rial’s freefall and indicates the state’s complete economic bankruptcy, as well as the people’s worsening poverty and misery.
Furthermore, the economic downturn indicates Raisi’s failure. When Khamenei appointed Raisi as the regime’s president in June 2021, he promised to control the currency rate, reduce inflation to a single digit, achieve 8% economic growth, and build four million houses. He even went so far as to order that prices stop rising or poverty be eradicated in two weeks!
All of these claims and so-called “projects” have now been debunked by the unprecedented devaluation of Iran’s currency. In less than a year and a half, 60% of the currency’s value has declined, reducing people’s purchasing power.
“The Islamic Republic has failed in every economic, social, political, and cultural sphere. This [uprising] is a small flame in a larger fire of rage, unhappiness, and mistrust caused by corrupt mismanagement that ignored people’s vital needs while attempting to control their personal lives. “A huge explosion will occur if we do not act now,” Hossein Ansari Rad, a former MP and top official, warned Khamenei in a letter on December 25.