Daily Record-breaking of Dollar Rate
According to Iran Gate, the upward trend of the dollar rate in the past week has reached a point where the price of each US dollar is approaching the unbelievable level of 37,000 tomans. This event has occurred only 18 months after Ebrahim Raisi started his presidency, and the fluctuations in the exchange rate have also caused price chaos 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 current economic crisis by reminding the increase in the dollar price after Trump’s withdrawal from the JCPOA during Hassan Rouhani’s presidency.
Economists believe that not only is the performance of the economic teams of the two governments incomparable, but also the crisis that Raisi and his government have created ahead of Iran’s economy is far larger in scale than the exchange rate fluctuations in the years 2018 and 2017.
Comparison of the Currency Market during Raisi and Rouhani’s Era
More than 17 months have passed since the start of the thirteenth government, and now the dollar rate has advanced to the brink of 37,000 tomans. Of course, after the 2017 presidential election, Raisi had sarcastically remarked to Hassan Rouhani that it was good I did not become president so that the dollar would reach 5,000 tomans. But now, only 17 months into his presidency, the dollar rate has increased by more than 12,000 tomans.
However, a fair and scientific comparison of the two governments’ performance in the currency market must be precise and documented. For this reason, Iran Gate has examined the fluctuations of the US dollar rate in Iran’s currency market during the first 17 months of Raisi and Rouhani’s governments. The result is very thought-provoking because Ebrahim Raisi’s government has shown a very high capacity for even stranger and heavier record-breaking in the currency market.
Hassan Rouhani took the helm of the executive branch in 2013 under conditions where the currency market had experienced a serious crisis during Mahmoud Ahmadinejad’s era and was still turbulent. 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 work and the adoption of realistic and national interest-based positions by the eleventh government led the various aspects of the economy to enter a more stable phase than about 10 years prior. Rouhani, who had managed to win the people’s vote with the slogan of reducing tensions with the West, was also able to calm the economic situation to a significant extent.
After the eleventh cabinet began its work, the dollar price gradually decreased from rates close to 4,000 tomans. After only 6 months, the dollar stabilized in the 3,300 toman range. However, during the first 17 months of his presidency, the dollar price not only did not increase but also experienced a more than 35% decrease, a record that had only been similarly achieved by the seventh government before.
Raisi and His Cabinet’s Mess
But what did Raisi do in the first 17 months? When the thirteenth cabinet took power, the dollar rate was in the 24,000 toman range. Raisi and his team not only failed to create conditions for reducing the dollar rate, but now, after 17 months, the horrifying figure of 37,000 tomans has been recorded in the currency market.
In fact, Raisi’s team has not only failed to perform better than Rouhani in the currency market but has not even managed to bring the dollar rate back to levels lower than those in Hassan Rouhani’s government. However, comparing the exchange rate fluctuations in the first 17 months of the eleventh and thirteenth governments also shows that the market has witnessed more than a 35% increase. This is while Rouhani’s government managed to control the turbulent market of 2013 and even reduce the rate by 35%. Thus, it can be said that the speed of dollar price growth in the first 17 months of Raisi’s government is much higher than the increasing rate fluctuations of the dollar price during Rouhani’s era.
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