Iran to slash 4 zeros, rename currency

[Aramagedon]

Since great Afshar Empire Iran hasn't changed its current currency so it's a great decision.

Yankee donkeys didn't even existed in that era. These terrorists lived somewhere underground.

Meanwhile China recently removed dollar and replaced it with Yuan forever and it seems many more countries are following.

https://www.thestar.com.my/business...unctional-alternative039-to-dollar-settlement

For eternal salve mentality people , Persians used different types of currency +3000 years ago while other humans on earth used cattle for busines.

Then conquered Rome Egypt and others learned from Iranians but with lower quality. Meanwhile 95% of Europeans couldn't count 1 to 10 in medieval time eras.

https://en.numista.com/catalogue/persia-1.html

 

[Hack-Hook]

Explain why.

because it won't do shit and make it even worse . just look at what it did to Argentina (4 times) Brazil (5 time) or Zimbabwe (they had to issue 100Million Dollar bills after that) if I recall correctly Israel did it twice first time before controlling inflation and it failed miserably and the second time after controlling the inflation and that was successful .

my main issue is the cost of changing national currency. we need a LOT of new banknotes, many documents need to be updated, people will make lots of mistakes early on, etc. etc. so imo we need to solve bigger issues like banking system and when all other big large scale problems are solved, we can slash those nasty zeros. this will take decades!

we need to make people understand there are better way of doing transaction than using notes

Honestly I think it makes it easier for people to do calculations and conversions. I for one always had to pause a moment before writing a check to convert Tomans to Rials. Slashing 4 zeroes makes it a lot easier for me. People always use Toman in Iran. So, you basically have to change billion to million and million to thousand.

So, 5 million tomans becomes 5 thousand tomans. Five stays the same, but for Rial, five had to change to fifty. Shifting by 3 digits is always easier than by one digit.

And issuing bank notes can take years to complete. We are printing money anyway for the reason I said before. As for rounding inflation, 10000 Rials is already so worthless that it won't make much of a difference. I highly doubt that this decision will make much of a difference to Iran's already high inflation.

slash one zero and convert to toman , et lopp more zero when we controlled inflation

 

[Aspen]

we need to make people understand there are better way of doing transaction than using notes

That will not be difficult considering the state of IRR

 

[Mithridates]

Mullah Moolah

Replace "Wooly Bully" with "Mullah Moolah"

you are a kos namak.

 

[QWECXZ]

because it won't do shit and make it even worse . just look at what it did to Argentina (4 times) Brazil (5 time) or Zimbabwe (they had to issue 100Million Dollar bills after that) if I recall correctly Israel did it twice first time before controlling inflation and it failed miserably and the second time after controlling the inflation and that was successful.

Well, it worked well for Turkey. Zimbabwe's inflation had nothing to do with changing the currency. They were creating uncontrollable foreign debt. I don't know about Argentina or Brazil.

slash one zero and convert to toman , et lopp more zero when we controlled inflation

If you want to go through the trouble of issuing new paper money, checks and coins, you'd better slash 4 zeroes.

 

[jamal18]

Turkey already did this moved from Lira to Yeni Lira (New Lira). Worked out great for them.

It's irritating when I go to a country and pay 10,000 of whatever for a cup of coffee.

 

[Hack-Hook]

Well, it worked well for Turkey. Zimbabwe's inflation had nothing to do with changing the currency. They were creating uncontrollable foreign debt. I don't know about Argentina or Brazil.


If you want to go through the trouble of issuing new paper money, checks and coins, you'd better slash 4 zeroes.

turkey did not jus lopped the zeros , they fixred their economy , fixed their laws and fixed how they were enforce those laws first . in short they fixed what was wrong with their economy

Well, it worked well for Turkey. Zimbabwe's inflation had nothing to do with changing the currency. They were creating uncontrollable foreign debt. I don't know about Argentina or Brazil.


If you want to go through the trouble of issuing new paper money, checks and coins, you'd better slash 4 zeroes.

no , wrong . you must not go through the problem at all unless you control the inflation first.

It's irritating when I go to a country and pay 10,000 of whatever for a cup of coffee.

as if youwant to carry 10000 coin . you gave a single bank note or just use your credit card or use pos device .

 

[QWECXZ]

turkey did not jus lopped the zeros , they fixred their economy , fixed their laws and fixed how they were enforce those laws first . in short they fixed what was wrong with their economy

Be specific. General statements don't count. How did Turkey fix their economy? What should Iran do to fix the economy first before slashing four zeroes? I mean yeah, there are many things wrong with Iran's economy, but your arguments must be relevant to the issue. Tell me very precisely what you think Iran should do before slashing off zeroes.

no , wrong . you must not go through the problem at all unless you control the inflation first.

No, I am correct and you are wrong. You suggested that Iran should drop one zero only, not me. I mean give me a break. It's not a children's game. You can't just tell me I'm wrong without any reasoning. You have to have a reason or an argument to say I'm wrong.

 

[Dexon]

after corona i never touch any money only credit card so ...

 

[ashool]

If they stop supporting terror and separatist elements being hosted in their homeland and allowing RAW spies like Yadev to operate freely from their land.

its some other country who slave of saaudi wahabi terrorist for money and become their donkey to ride them and have base of terrorist in their lands and even their minister confess this so go wash your dirty back yard who have big ugly hole

 

[Hack-Hook]

Be specific. General statements don't count. How did Turkey fix their economy? What should Iran do to fix the economy first before slashing four zeroes? I mean yeah, there are many things wrong with Iran's economy, but your arguments must be relevant to the issue. Tell me very precisely what you think Iran should do before slashing off zeroes.

https://www.hilarispublisher.com/op...-and-some-other-countries-2162-6359-1-032.pdf

No, I am correct and you are wrong. You suggested that Iran should drop one zero only, not me. I mean give me a break. It's not a children's game. You can't just tell me I'm wrong without any reasoning. You have to have a reason or an argument to say I'm wrong.

you say you have problem whenever you want to write a check , I said then go away with one zerro . in short use Toman not Rial .but don't lopp some zero unless you fixed inflation problem

 

[QWECXZ]

https://www.hilarispublisher.com/op...-and-some-other-countries-2162-6359-1-032.pdf

you say you have problem whenever you want to write a check , I said then go away with one zerro . in short use Toman not Rial .but don't lopp some zero unless you fixed inflation problem

Please don't link to an article. If you have read that article, then tell me its highlights. I can't read an entire article to understand you.

And I told you that why slashing one zero is a terrible idea. Here's a list of arguments against slashing zeroes:

1. They say that because Iran's inflation will remain high without fundamental reforms, we will have to do the same thing again in future. After the 1979 revolution, almost every 10 years, Iranian Rial has lost 90% of its value. So, basically, if we drop 4 zeroes from our currency, we will have to do the same 40 years later. So, spending money on something that will happen again is a waste of money. This is a valid argument, but who knows what can happen in 40 years?

2. They say that rounding old prices can cause extra inflation. For example, something that previously was 35,000 IRR will probably get rounded to 40,000 IRR. But we all know that inflation in Iran is already past that stage that people care about 5,000 IRR.

3. They say that changing currency can lead to an increase in liquidity and hence an increase in inflation. But the main source of liquidity in our economy is our debt generating banking system. If we implement this reform slowly and collect old papers and coins as we replace them by new ones, this won't be a problem.

4. It will take time for people to get used to the new currency. But in our case, people already use Toman and in most cases, instead of saying 5000 Tomans, people just say 5 Tomans.

On the other hand, people who agree with this reform, including me, believe that slashing 4 zeroes will add to the credibility of our currency. It will have a positive psychological effect on many Iranians who think their money is worthless because 1 USD ~ 160,000 IRR. I believe this is a good move that should've been done years ago and the more we delay it, the more we let people think that the Iranian currency is worthless.

 

[Aspen]

On the other hand, people who agree with this reform, including me, believe that slashing 4 zeroes will add to the credibility of our currency. It will have a positive psychological effect on many Iranians who think their money is worthless because 1 USD ~ 160,000 IRR. I believe this is a good move that should've been done years ago and the more we delay it, the more we let people think that the Iranian currency is worthless.

Psychologically improving the credibility of IRR is a good step to restore confidence in the economy.

 

[Pan-Islamic-Pakistan]

Good opportunity for Pakistan to buy cheap oil and gas and goods from them. They have wonderful pomegranates too.

Faisalabad had amazing Annar also when I was growing up there. I used to pass by so many fields of them, the color is very nostalgic to me.

Iranian fruits like Annar, etc. are very good quality due to the unique environment they have.

I wonder if something can be done to wean Iran away from India and to settle with Taliban, maybe Pakistan could ease some financial pressure from Iranians.

 

[khansaheeb]

Faisalabad had amazing Annar also when I was growing up there. I used to pass by so many fields of them, the color is very nostalgic to me.

Iranian fruits like Annar, etc. are very good quality due to the unique environment they have.

I wonder if something can be done to wean Iran away from India and to settle with Taliban, maybe Pakistan could ease some financial pressure from Iranians.

Not just Iran but weed to ween Arabs away from India too, their romance is like with a whore, you know it's bad but it's irresistible.