News : Economy

US Dollar Continues Its Record Rise Against the Rial

By INU Staff

INU - Iranians are angry at President Hassan Rouhani over the record fall of the Iranian currency. While the president has repeatedly dismissed the rise of the dollar against the rial as insignificant and transient, on March 28th the rial hit a new low of 52,000 to the US dollar. Just one year ago, the rial was around 38,000 to the dollar.

Many people are using social media to express their fury over what they are calling Rouhani’s campaign of “deceit and lies”.

"The main issues of this year” are the economy and people's livelihood Supreme Leader Ayatollah Ali Khamenei claimed in his New Year speech. "I have given this year the name and motto of ‘Support for Iranian Products’,” Khamenei stated.

"I have given this year the name and motto of Purchase US Dollars", one citizen mocked, saying that you cannot buy foreign goods with Iran's money.

Many Iranians are sharing pictures of the US $1 bill on social media, tweeting that, "One George Washington is worth 5,000 Khomeinis". In Iran, the term toman is used to refer to their currency in unofficial conversations. Each toman is 10 rials, therefore, the dollar is now 5,200 tomans. Khomeini is pictured on the toman, just as George Washington is on the dollar.

Periods of fluctuations directly influence the livelihood of the people and leave considerable psychological impact on the society, as the rising dollar was usually followed by sky-rocketing prices.

Hassan Rouhani announced that he intended to "return dignity to the Iranian passport” in his presidential campaign, but one year into his second term in office, with the Iranian passport standing where it used to be, the national currency is going a downward spiral.

Scriptwriter Mehrab Ghasemkhani has 1.4 million followers on Instagram. He recently blasted Rouhani, saying, "After Nowrooz holidays they are going to bring in their usual experts saying that the dollar and the housing bubble are going to burst in the coming weeks. The way that bubble would really pop is if the dollar becomes 4,000 tomans.” Ghasemkhani believes that after the dollar reaches 5,500 tomans, but then goes down to 5,000, the government will claim victory and say we controlled the exchange rate. Then again, after a few weeks, the dollar will reach a new high and then they'll bring it down a bit and again claim victory, according to Ghasemkhani.

The failure of the nuclear deal between Iran and the world powers, the Joint Comprehensive Plan of Action, JCPOA, to achieve its highly expected objectives is upsetting to the Iranian people. Slogans such as, “These days two things have become unpredictable: 1) The fate of JCPOA; 2) Value of USD,” appear to be trending on Twitter.

Meanwhile, reports of workers protesting their unpaid wages continue across the country, and many conservatives are concerned about the economic crisis the Islamic Republic seems to be headed toward.

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