Mr. Hemmati, What Is the Justification for the Billion-Dollar Currency Injection?

That currency is being distributed at a rate close to the open-market rate and tied to national ID numbers is a welcome development. Yet Mr. Hemmati knows how significant the gap between the exchange rate and the free-market rate is, which, contrary to popular belief, is not so much an artificial or unrealistic rate.

According to ambassador Arjan; When, to the surprise of many experts and even ordinary people, the Central Bank suddenly announced that it would allocate a thousand dollars to each national code and also announced banks to supply foreign currency to the applicants, it was stated in the same column that due to the country's strong need for foreign exchange for each and every dollar of the Central Bank, this kind of currency exchange could have complications. including creating a kind of rent. At that time, the price of the announced currency was close to the free market price and less than two hundred thousand tomans.

If I am not mistaken, 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.

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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.

The author is not aware of the amount of foreign exchange reserves of the Central Bank and should not be. On the other hand, due to his history, performance and relative recognition, he knows the capabilities of the head and still considers him one of the best available options to hold this position, because I am very familiar with the many problems of banking activity in these conditions, but what I do not know is the conditions and requirements that forced the central bank to make such difficult decisions.

I 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 only to give a tooth-breaking answer to the aggressive and insolent 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.