Makarim Shirazi Calls for Execution of 'Key Currency Brokers'

One day after the announcement of the 'single exchange rate policy' in Iran, Ayatollah Makarim Shirazi, a cleric residing in Qom, called for the execution of 'several key currency brokers' in accordance with Islamic principles. The Chief of Police in Tehran also reported the 'arrest of 12 currency disruptors and the closure of 16 unauthorized exchange offices.' According to Iranian media, Nasser Makarim Shirazi stated on Wednesday, April 22, during his lecture that 'if we do not take the initiative, we will have to pay a high price later.' He added, 'One of the decisive actions is to try several key currency brokers who are trying to plunge the country into chaos as corrupt on earth and execute them in accordance with Islamic principles so that others know their place.' His remarks have faced a wave of predominantly negative reactions on social media. On the other hand, according to Tasnim news agency, Hossein Rahimi, the commander of the Greater Tehran Police, announced the arrest of 12 individuals on Tuesday, whom he referred to as 'market disruptors.' The Tehran Police Chief also mentioned the closure of 16 unauthorized exchange offices 'in coordination with the Central Bank,' stating that a group that had 'created turmoil and disrupted the market through illegal actions' was summoned by the cyber police. Fereydoun Khavand, an economic analyst residing in Paris, told Radio Farda that influencing the currency market with a decree or through emergency and police actions is 'very, very difficult, if not impossible.' Following the collapse of the rial's value against various currencies, with each US dollar reaching six thousand tomans, President Hassan Rouhani's government announced on Tuesday night that from now on, the dollar would be offered at a single rate of 4200 tomans, and possessing more than 10,000 euros or its equivalent would be considered a crime. However, on Tuesday and Wednesday morning, exchange offices in the free currency market in Tehran did not offer the 4200 toman dollar, and some temporarily ceased operations. Nevertheless, Valiollah Seif, the head of Iran's Central Bank, stated on Wednesday morning, on the sidelines of a cabinet meeting, that 'scattered information indicates that we have taken very effective and impactful actions in our economy.' Mr. Seif, without mentioning the details and problems arising from the new policy, reiterated the 'non-economic nature of recent currency fluctuations.' Meanwhile, Mohammad Nahavandian, Hassan Rouhani's economic deputy, also repeated the issue of the 'non-economic nature' of the recent currency turmoil in Iran. Nahavandian emphasized on a television program on Tuesday night that 'violating the regulations of the Central Bank will henceforth be considered a crime,' stating, 'The fluctuations and tensions in the currency market were due to terms used in social media channels.' However, a member of the Islamic Consultative Assembly criticized the 'discordant voices in the government's economic sector.' Behrouz Nemati, spokesperson for the Parliamentary Board, said on Wednesday to ILNA news agency, 'The turmoil in the market was one of our concerns, and personally... I had predicted this situation and had given codes to our friends in the government.' Nemati also criticized President Rouhani for not taking serious action against the 'lack of cohesion and unity in the government's economic sector' and 'even the interference of some non-economic officials in economic matters.' Fereydoun Khavand, an economist, in an interview with Radio Farda, identified the tense foreign policy of the Islamic Republic, the jeopardy of the JCPOA, and the possibility of the US withdrawing from this agreement as significant factors affecting the turmoil in the currency market in Iran. Ahmad Alavi, an economist residing in Sweden, also stated in an interview with Radio Farda that the increase in currency rates in the Iranian market was predictable. He noted that since no changes had occurred in the structure of Iran's economy contrary to the Central Bank's promises, the same previous and fundamental factors such as inflation, the rush of people to the currency market, currency hoarding, and capital flight from the country had led to a continuous increase in currency prices.