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| Syria-Lebanon-Iran |
| ZimBobNomics: Iran considers lopping zeros off currency |
| 2008-09-01 |
| 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 |
| #10 "or boosting each rial's value to one-hundredth of a gram of gold" Didn't he study economy? Ouch |
| Posted by: European Conservative 2008-09-01 23:46 |
| #9 Forget about Fiat, how about Maserati? NOW you're talking. I definitely want some of that type/amount of cash. |
| Posted by: Jolutch Mussolini7800 2008-09-01 23:36 |
| #8 It's that damn FIAT money thing again Forget about Fiat, how about Maserati? |
| Posted by: lotp 2008-09-01 19:28 |
| #7 screw him /pedantic grammar and spelling police |
| Posted by: Frank G 2008-09-01 18:38 |
| #6 Don't worry, #5 Mike - we'll protect you from the typo police. :-D |
| Posted by: Barbara Skolaut 2008-09-01 18:37 |
| #5 They're. Not their or there or thare, bonehead. |
| Posted by: Mike N. 2008-09-01 18:10 |
| #4 The only way out of this is to raise the demand for their currency, since, as Pappy notes, their not at all likely to lower supply. |
| Posted by: Mike N. 2008-09-01 18:09 |
| #3 Unlike Bob, Ahmadinejad has money coming in (from oil revenues). However, he's managed to wreck the economy by handing out money to various provinces to buy them off, by keeping bank loan interest rates low (to placate the IRGC, who are now the majority owners of Iranian businesses), and manipulating the money supply to keep it all from crashing down. Then there's Iran's nuclear ambitions. Fulfilling them requires cash - suppliers aren't going to go for 'net 30' terms. |
| Posted by: Pappy 2008-09-01 15:57 |
| #2 And it's not like the $ had been any tower of strength. |
| Posted by: Nimble Spemble 2008-09-01 15:52 |
| #1 It's that damn FIAT money thing again, bring back the Lira! |
| Posted by: .5MT 2008-09-01 15:51 |