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ZimBobNomics: Iran considers lopping zeros off currency
HT to Ace of Spades. Gotta love how changing the number of zeros will supposedly change the actual value.....Iran is considering lopping three to four zeros off its currency, a top official said Monday, in an apparent effort to fight out-of-control inflation that many critics blame on the country's hardline president. heh... The governor of the Central Bank of Iran, Tahmasb Mazaheri, told state-run radio that monetary experts are studying three options: Cutting three zeros off the rial, cutting four zeros, or boosting each rial's value to one-hundredth of a gram of gold, or about 2,500 rials at current rates. "We are studying all these three options," Mazaheri said on state-run radio. "We are studying all The Iranian rial is now traded at 9,600 rials to one U.S. dollar. That compares with 70 rials against the dollar in 1979, the year an Islamic revolution toppled the pro-Western Shah Mohammad Reza Pahlavi. In June, Iran's government put the inflation rate at a whopping 26 percent. Independent economic experts say the actual inflation rate is even higher, at more than 30 percent. Prices for vegetables have tripled and housing prices have doubled since last summer. Send em some old "WIN" buttons Posted by: Frank G 2008-09-01 |
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