30 June, 2015 AsiaNews.it Twitter AsiaNews.it Facebook            

Help AsiaNews | About us | P.I.M.E. | | RssNewsletter | Mobile






mediazioni e arbitrati, risoluzione alternativa delle controversie e servizi di mediazione e arbitrato
e-mail this to a friend printable version


» 03/05/2007
IRAN
“Nuclear” banknotes to counter rising inflation
by Dairush Mirzai
On March 12 an edition of the 50 thousand rial banknote will be printed with the nuclear logo. A propaganda move which serves above all to prevent going the need to carry large quantities of money in a country without credit cards.

Teheran (AsiaNews) – The image of the nuclear logo has created widespread interest but above all the emission of the Iranian banknote serves to hide increasing inflation. 
The underdeveloped Iranian banking system is feeling the effects of economic sanctions imposed by US financial authorities on all business dealing with the US and Iran- thus the Islamic Republic finds itself in a delicate phase of dollar/ euro transition.  But perhaps the most serious problems are found within the Iranian economic system: badly governed and for the most part controlled by the regime, in which corruption and speculation triumph, resulting in chronic inflation.
Today one euro is worth more that 12 thousand rial (Iranians prefer to refer to 1,200 toman) and the largest value banknote is currently 20 thousand rial. On March 12 new banknotes will be printed in Iran, at a value of 50 thousand rial, to enable the authorities to counter inflation and promote their nuclear ambitions. In fact the current nuclear logo will figure on the new currency with a quote from Muhammad in calligraphy (hadith): “If science depends on the constellations, men from Persia will reach it”. This hadith is accepted by both Shi’ite and Sunni Muslims (as well as the Bahai, who use it in conjunction to their Iranian prophet Baha’ullah), however it’s usual interpretation does not speak of “science”, but rather of faith or religion! But that is of little consequence here: the people will realize that the exceptional talent of “Persian men” was recognised by Muhammad. Just as ayatollah Meshkini declared, Iran’s right to nuclear technology is a “divine, natural and inalienable” one.   
On the reverse side of the banknote there will be as always and as is seen everywhere a portrait of the ayatollah Khomeini all to familiar with the population, who in order to buy food need a vast some of “blue” or “green Khomeini’s” (10 and 20 thousand rial banknotes). There are no credit cards: the only other possibility to avoid lugging cases of money around, or use the “cheques” issued by some of the Iranian banks (at a value of half a million to ten million rial). The “nuclear” banknote will help the Iranians face daily difficulties, but just about. Inflation continues to rise at a pace of circa 30% per annum. 
But Jalal Jalilian, head of printing at the Islamic Republic’s central bank has denied that the banknote issue is linked to the depreciation of Iranian currency. So is it merely a political move?  In February 2004, when the 20 thousand rial banknote was introduced its bond to inflation was downplayed. The Iranian regime and in particular the government of Ahmadinejad, widely criticised for their disastrous management of the country’s economy and finances, remain masters in their propaganda management.  The “nuclear” banknote aims to seal the Iranian position to the rest of the world.  An effective, if dangerous tactic, if - or when- they take a step back from their current stance….
 

e-mail this to a friend printable version

See also
04/28/2010 IRAN
Unemployed increase as Iran's economy languishes
05/12/2006 ASIA
Clashes between US, China and Iran may account for record gold prices
by Maurizio d'Orlando
12/06/2005 IRAN - RUSSIA
Tehran gives green light for another nuclear station
02/20/2007 IRAN - UN
El Baradei to meet Larijani to avert nuclear escalation and terrorism
10/02/2012 IRAN
Rial loses almost 17 per cent in a single day

Editor's choices
ISLAM - MIDDLE EAST
Al Azhar and Vatican against terrorism. The ambiguity of the international community
by Bernardo CervelleraThe influential Sunni university denounces " heinous" violence of the Islamic state and demands the world defeat this group “through every possible means". Vatican: terrorism is a threat to all humanity. France claims to fight terrorism, but then sells weapons, aircraft, helicopter gunships to Saudi Arabia, which supports Islamic fundamentalism. Kuwait tolerates Salafis who support the Nusra Front and the Islamic state. Turkey against the Kurds; the United States against Iran, Russia and China.
TUNISIA - ISLAM
Tunis, stop terrorism by closing fundamentalist mosquesPresident Essebsi believes unified and global strategy needed to counter terrorism. The attack in Sousse almost simultaneous with those in France, Kuwait, Somalia. Islamic State claims responsibility.
VATICAN – ITALY
Pope in Turin tells young people to be chaste in love, go against the flow and not retire at 20In his last meeting on the first day of his visit to Turin, Francis met young people in Vittorio Square. In a Question and Answer exchange, he talked about love, friendship and loss of trust towards life. "I understand you. How many hypocrites speak of peace and sell weapons. How can one trust? By following Christ, whose act of extreme love, i.e. the Cross, saved humanity." The pontiff also looked at the horrors of the 20th century as evidence of the loss of trust towards world powers. He urged young people “not to retire at 20,” but “live, don’t just exist.”

Dossier

Copyright © 2003 AsiaNews C.F. 00889190153 All rights reserved. Content on this site is made available for personal, non-commercial use only. You may not reproduce, republish, sell or otherwise distribute the content or any modified or altered versions of it without the express written permission of the editor. Photos on AsiaNews.it are largely taken from the internet and thus considered to be in the public domain. Anyone contrary to their publication need only contact the editorial office which will immediately proceed to remove the photos.