Iran: the deletion of three zeroes from the currency this year
(Tehran – Reuters) According to the Islamic Republic News Agency that Iran plans to drop three zeros from the currency. The news agency quoted an Iranian official and Minister of Economy, Shams al-Din al-Husseini as saying that the government hopes to modify the categories of Real Madrid – which sells for more than ten thousand riyals to the dollar – over the next year.
He informed al-Husseini Agency that Iran «would remove three zeroes from the national currency this year, provided that meet the requirements prior to that.» And insists the government of President Mahmoud Ahmadinejad that the sanctions are not effective, but businessmen and analysts say it is affecting foreign investment in oil and gas industry mission to Iran and make it difficult for companies to take advantage of international banking services, which would threaten economic growth. In the context of steps to cancel support the price of gasoline to seven-fold in one night in December and there has been a sudden increase in utility bills.
Inflation has risen steadily since the lowest level in 25 years when 8.8 percent in August to reach 11.6 percent in February.
But many consumers and politicians question the government statistics and appreciate the real inflation Nad much higher levels. And riyal fell 13 percent against the dollar over five days last September, prompting some analysts to wonder whether they are seeing a reduction of deliberate value or spilled on the dollar on fears of scarcity of hard currency in the country with a large financial penalties.
And the intervention of the central bank then returns to Real Madrid to its previous level.