Iran Unveils New Currency Unit Amidst Economic Turmoil
Economists remain divided over Iran's plan to introduce a new currency unit, aiming to simplify transactions amidst persistent high inflation. The move comes as the exchange rate on the free market has plummeted to around 1.15 million rials per US bank dollar, with inflation soaring above 35%.
The Central Bank of Iran has been given two years to prepare for the changes and a three-month deadline to finalize the implementation plan. The new currency unit is expected to coexist with the old rial for a three-year transition period.
Critics, such as an unnamed Iranian economist interviewed by the Financial Times, argue that the currency reforms are ineffective and merely a formal procedure, rather than a substantive solution to Iran's monetary woes.
The introduction of a new currency unit in Iran is set to reshape its financial landscape, with the Central Bank tasked with a significant overhaul. The contentious nature of the initiative among economists highlights the challenges ahead in stabilizing the Iranian economy.
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