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All tagged NIMA
SIPRI has corrected its data on Iran’s military spending, applying a more relevant exchange rate for dollar conversions. Instead of ranking as the 14th largest military spender in the world in 2021, Iran was actually ranked 39th.
Iran’s economic stagnation and widening inequality are top concerns for Iranian voters. It is therefore no surprise that during the three televised debates, candidates ganged up on Abdolnasser Hemmati, until recently Iran’s central bank governor.
The rollercoaster ride that has taken the rial to a historic low of IRR 215,000 to the dollar does not tell us as much about the health of the Iranian economy as is widely assumed.
◢ Despite sharp criticism from the private sector, the Rouhani administration has delayed a key reform to Iran’s currency policy, frustrating the country’s beleaguered business leaders. In late June, government spokesman Ali Rabiei stated definitively that the administration has no plans to eliminate the subsidized foreign exchange rate made available to importers of essential goods.
◢ Over the last 18 months, the Iranian rial has lost nearly 70 percent of its value, hammered by the Trump administration’s decision to reimpose secondary sanctions on Iran in violation of the JCPOA. But new interventions by the Central Bank of Iran appear to have helped stabilize the currency, leading some commentators to proclaim that the rial is no longer vulnerable to Trump’s maximum pressure campaign.
