Daily Record-Breaking Dollar Rate
According to Iran Gate, the rising trend of the dollar rate over the past week has reached a point where the price of each US dollar has approached the unbelievable level of 37,000 tomans. This has happened only 18 months after Ebrahim Raisi took office as president, and the fluctuations in the exchange rate have also caused price instability in other markets.
Supporters of Raisi’s government, after the dollar price surpassed the 36,000 toman channel, try to divert public attention from the deepening economic crisis by recalling the increase in the dollar price after Trump’s withdrawal from the JCPOA during Hassan Rouhani’s presidency.
Economists believe that not only are the economic teams of the two governments incomparable, but the crisis that Raisi and his government have preemptively created in Iran’s economy is far larger in scale than the currency fluctuations in the years 2018 and 2019.
Comparison of the Currency Market in the Eras of Raisi and Rouhani
More than 17 months have passed since the start of the thirteenth government, and now the dollar rate has approached the 37,000 toman mark. Raisi, after the 2017 presidential election, had sarcastically remarked to Hassan Rouhani that it’s a good thing I didn’t become president for the dollar to reach 5,000 tomans. However, now that only 17 months have passed since he took office, the dollar rate has increased by more than 12,000 tomans.
However, a fair and scientific comparison of the performance of the two governments in the currency market should be precise and documented. For this reason, Iran Gate has examined the fluctuations of the US dollar rate in the Iranian currency market during the first 17 months of Raisi’s and Rouhani’s governments. The result is very thought-provoking because Ebrahim Raisi’s government has shown a very high capacity for even more strange and severe record-breaking in the currency market.
Hassan Rouhani took the helm of the executive branch in 2013 when the currency market had just gone through a serious crisis during Mahmoud Ahmadinejad’s era, and the market was still volatile. The dollar price was rapidly approaching the 4,000 toman channel, and citizens’ concerns about their livelihood were rising.
The start of Hassan Rouhani’s term and the adoption of realistic and nationally beneficial positions by the eleventh government led to various aspects of the economy entering a more stable phase than about 10 years before. Rouhani, who had won the people’s vote with the slogan of reducing tensions with the West, was able to calm the economic situation to a large extent.
After the eleventh cabinet took office, the dollar price gradually decreased from rates close to 4,000 tomans. Within just 6 months, the dollar stabilized at around 3,300 tomans. During the first 17 months of his presidency, the dollar price not only did not increase but experienced a more than 35% decrease, which had only been similarly recorded by the seventh government before.
Raisi and His Cabinet’s Gift
But what did Raisi do in the first 17 months? When the thirteenth cabinet took power, the dollar rate was around 24,000 tomans. Raisi and his team not only failed to create conditions for reducing the dollar rate, but now, after 17 months, the frightening figure of 37,000 tomans has been recorded in the currency market.
In fact, Raisi’s team has not only performed no better than Rouhani in the currency market, but so far, they have not even been able to bring the dollar price back to levels lower than those during Hassan Rouhani’s government. However, a comparison of the currency rate fluctuations in the first 17 months of the eleventh and thirteenth governments also shows that the market has witnessed a growth of over 35%. This is while Rouhani’s government managed to control the market in the turbulent year of 2013 and even reduced the rate by 35%. Therefore, it can be said that the rate of dollar price growth in the first 17 months of Raisi’s government is much higher than the rate of increasing price fluctuations in Rouhani’s era.
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