Mr. Hemmati! We Hope You Get Through This Critical Economic Turn, but What Does This 'Currency Injection' Mean?

We hope his promises to control currency turmoil and ensure the country's essential needs are met will come true as a sincere pledge, and that, God forbid, they are not merely meant to deliver a crushing response to White House officials, including Trump and Bessent.

Information newspaper wrote: Some time ago, amid the surprise of many experts and even ordinary people, the Central Bank suddenly announced that it will allocate one thousand dollars to each national code and also announced banks to supply foreign currency to the applicants.

It was supposed to distribute five hundred million dollars in this way. A few weeks later, contrary to expectations, the limit of one thousand dollars for each national code was increased to ten thousand, and the central bank announced that it planned to distribute up to two billion dollars in currency at this stage.

In this way, the rent created for those who had used the previous opportunity, according to the price of 260 thousand tomans per dollar of distribution currency at this stage, was something close to 60 thousand tomans or 30%. That is, contrary to the previous idea, this amount of currency distribution did not stabilize it.

In the new period of foreign exchange distribution, although we have witnessed a slight halt in price growth and even a few thousand tomans price reduction, the latest price developments on the weekend (yesterday) were accompanied by price growth, which shows that even with such a wide distribution and significant supply growth, there is still effective demand to the extent that it neutralizes its anti-inflationary effect.

We are not aware of the amount of foreign exchange reserves of the Central Bank and we should not be. On the other hand, considering the history, performance and relative recognition, we know the capabilities of its head and we still consider him one of the best available options to hold this position, because we are very familiar with the many problems of banking activity in these conditions, but what we do not know are the conditions and requirements that forced the central bank to make such difficult decisions.

We hope that his promises to control currency inflation and ensure that the country's essential needs are met will come true, and God forbid, not just to give a tooth-breaking answer to the aggressive and arrogant officials of the White House, including evil companions such as Trump and Basant, who make new false claims every day, which, thank God, turn out to be false every time.

The fact that the currency is distributed at a rate close to the free market and with a national code is a plus, but surely Mr. Hemti also knows that the difference between the exchange rate and the free market, which is not so much an artificial and unrealistic rate, as opposed to being imagined, has now reached about 90 thousand tomans (that is, more than 40 percent) and how important it is to be very careful about how it is allocated to prevent the creation of any level and form of rent, because here we are not talking about a thousand or ten thousand dollars, but about tens. It is hundreds and millions and sometimes hundreds of millions of dollars.

We should be very careful and hope that Dr. Hemti can successfully pass this important economic turning point.