Currency printing costs Iran around $15 million: official

Azerbaijan, Baku, Dec. 12/ Trend G.Mehdi/

Currency printing in Iran costs around 180 billion rials (about $15 million), ILNA quoted Mohammad-Ali Mahmoudzadeh, Melli Bank's director for informatics as saying.

The figure has been estimated excluding other related side expenses, he added.

There are 114 bank notes for each person in the country, he added.
As inflation erodes the rial's purchasing power, Iran's central bank must increase the supply of money which risks hyperinflation, a cycle of rising prices and rising volumes of money in circulation. Denying the bank's ability to increase the supply of money would theoretically hasten an economic crisis.
Three foreign currency printing companies have decided to discontinue their businesses in Iran, UANI (United Against Nuclear Iran U.S. group), Communications Director Nathan Carleton told Trend.

Earlier this month, UANI launched an Iran Rial Currency Printing Campaign which targeted companies that print Rial for the Islamic Republic.

According to Nathan Carleton, three such companies have stopped their businesses there as a result of UANI's campaign.

"All three of the firms we contacted, KBA, Flint and DLR, have informed us that they are no longer involved in currency printing in Iran," Carleton said, noting that UANI applauds the companies for their decisions.

KBA of Germany is the world's second largest security banknote printing press manufacturer and has sold printing presses to numerous Iranian bodies.

Flint, an ink and chemical supplier based in Luxemburg, worked in Iran through SunColour Inks Co., and held the patent for a trademarked family of banknote printing products repeatedly requested by the Central Bank of Iran.

UANI has also contacted DLR, a British firm whose machines have printed rials for the regime in the past for clarification about any current ties to Iran.

"UANI is currently investigating what other companies might have taken their places and are prepared to pressure them as well," Carleton noted.

The U.S. dollar cost some 24,500 rials in the last week of September and went sky-high to 37,000 rials on October 2 and 40,000 rials on October 3.

As a result of such jumps in rates, tensions arose in Tehran, as earlier local Iranian sources indicated police arrested some 30 people who might have been involved in currency manipulations on Iran's free markets.

Yesterday on Oct. 19, the U.S. dollar was sold for 33,500 rials on Iran's free markets.

Nathan Carleton noted that no one should be helping the Iranian regime print more currency during this critical time.

"We will continue to observe the rial's value, but we do not expect it to improve unless the regime changes course."

Carleton also added that according to some sources, traders in other countries such as Afghanistan are not even interested trading the rial anymore, due to its instability.

Iran is currently facing a crippling currency crisis, aside from the pressuring international sanctions, a new portion of which has been put on the country several days ago by the EU.

The sanctions aim to stop Iran from making a nuclear weapon, yet Iran denies all accusations noting that country's nuclear programme is only for peaceful purposes.

Subscribe to Trend in Google News! Subscribe
Body of another Armenian serviceman found in Azerbaijan's Khojavand
Body of another Armenian serviceman found in Azerbaijan's Khojavand
Putin informs Erdogan on main results of Sochi trilateral meeting
Putin informs Erdogan on main results of Sochi trilateral meeting
Georgia ready to become platform for trilateral dialogue with Azerbaijan, Armenia - FM
Georgia ready to become platform for trilateral dialogue with Azerbaijan, Armenia - FM
Loading Bars
Latest
Russia, India to expand energy cooperation, says statement
IRICA reveals data on Iran’s trade turnover with ECO member states
Raisi: Iran welcomes development of ties with UAE
Uzbekistan, Kazakhstan identify priority issues for cooperation
Saakashvili: reconciliation is the best option for everyone
Azerbaijan sends 100,000 vaccines to Burkina Faso
US announces diplomatic boycott of 2022 Beijing Olympics
Azerbaijani FM, US Assistant Secretary of State discuss latest situation in region
Armenia seen that, whole world seen that, no-one has been able to stop us - President Ilham Aliyev
Israel lifts tariffs on dairy imports to cut prices
Young grew up who did not see Karabakh, they liberated Karabakh at cost of their lives – President Ilham Aliyev (VIDEO)
Azerbaijani Minister of Youth and Sports talks about appointment of new deputy minister
I tell them to give us date of when Zangazur corridor will be opened - President Ilham Aliyev to Armenia (VIDEO)
Azerbaijan discloses volume of oil exported to Turkey in 10M2021
Azerbaijani deputy defense minister leaves for Moscow
Forecast of Azerbaijani State Oil Fund’s total management costs for 2022 revealed
Turkmenistan approves anti-crisis program for 2022
Volume of cargo shipment via Turkish ports from Morocco for 10M2021 revealed
Ministry shares data on volume of cargo shipment via Turkish ports from Belgium for 10M2021
Volume of cargo shipment via Turkish ports from China for 10M2021 unveiled
Turkey discloses volume of cargo shipment via its ports from Germany for 10M2021
Cost of goods transported via sea up in Azerbaijan
President Ilham Aliyev, First Lady Mehriban Aliyeva visit monument to national leader Heydar Aliyev in Guba (PHOTO/VIDEO)
SOFAZ asset management revenue forecast for 2022 unveiled
Iran's Energy Exchange announces products to be on sale on December 7
Azerbaijan is creating social zone in industrial park of liberated Jabrayil district- ministry
Turkmenistan continues oil prospecting work on Cheleken peninsula
Uzbekistan shares data on import of potatoes in 10M2021
Price indexes of construction, trade sectors at Uzbek stock exchange fall
Galt & Taggart shares data on Georgia’s bonds on London Stock Exchange
Uzbekistan unveils volume of exports and imports
Georgia’s persimmon exports continue to increase
Russia remains main importer of Georgia’s tangerines
Uzbekistan reveals volume of tomato exports for 10M2021
Uzbek Statistics Committee shares data on foreign trade turnover
Kazakhstan’s oil and gas company opens tender to supply electric pump
Turkey discloses volume of cargo shipment via its ports from Albania for 10M2021
Eurostat reveals data on Czechia's import of petroleum oils from Azerbaijan
Vegetable pathogen detected in batch of pepper imported to Azerbaijan
Kazakhstan’s National Bank discloses inflation expectations
Turkmenistan talks demand on local aviation, lighting kerosene among foreign clients
Azerbaijan Academy of Sciences talks demographic indicators of Karabakh, East Zangazur
Kazakhstan talks forecasted growth level of GDP for late 2021
All 6 Israel policymakers voted to keep key rate at 0.1%
Iran reaches increase in load/unloaded operations at Amirabad port
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 585 more COVID-19 cases, 944 recoveries
Iran's Bahar Azadi gold coin price continues to rise full speed
Eni Turkmenistan Ltd to purchase spare parts for pumps via tender
Azerbaijan talks 4G network coverage in liberated territories
Iran’s Nakhlak Lead Mining Complex boosts production
Kazakh-Chinese bitumen plant opens tender for vehicles rent
Act of amnesty covers 16 foreign citizens in Azerbaijan
Tesla did not want to wait on EU aid - German economy minister
Austrian President swears in Karl Nehammer as new Chancellor
Iran’s CBI general director talks foreign currency exchange activity data
Unemployment in Israel fell sharply in November
Oil and gas production dep’t of Turkmenistan’s Turkmennebit SC exceeds production plan
Volume of natural gas transportation via Serbian-Hungarian interconnector revealed
Field rearranging underway on Serbian-Hungarian gas interconnector route
Iran not to follow 'plan B' while in Vienna nuclear talks - FM
Georgian business sector sees increase in turnover
Kazakh National Bank announces its decision for base rate
Kazakhstan reveals GDP growth in 10M2021
Azerbaijan working on flight recorder of crashed helicopter - Prosecutor General's Office
UK to block poor-performing companies from winning public work
Croatia confirms its first two cases of COVID-19 Omicron variant
Balacans Agro Food LLC, Azerbaijan Investment Company sign agreement (PHOTO)
Azerbaijan to consider joining int'l documents on intellectual property protection
Oil majors to mitigate demand fluctuation with digital twins
SOFAZ sees significant increase in Shah Deniz revenues
Azerbaijan shares data on number of freed convicts as part of act of amnesty
Annual inflation rate slightly slows down in Kazakhstan
SOFAZ discloses revenues from Azeri-Chirag-Gunashli
Azerbaijan shares data on number of people covered by Act of Amnesty so far
TBC Capital publishes Georgia’s weekly economic review
Oil rebounds above $71 on Omicron hopes, Iran talks
President Ilham Aliyev, First Lady Mehriban Aliyeva meet with residents of Gonagkand settlement (PHOTO/VIDEO)
Israeli firm to sell HSBC Tower in New York for $855 million
Iran reveals COVID-19 data for December 6
President Ilham Aliyev, First Lady Mehriban Aliyeva view conditions created at secondary school № 1 in Guba (PHOTO/VIDEO)
President Ilham Aliyev, First Lady Mehriban Aliyeva attend opening of Guba Abad Factory enterprise (PHOTO/VIDEO)
President Ilham Aliyev inaugurates Guba-Gonagkand highway (PHOTO/VIDEO)
President Ilham Aliyev and First Lady Mehriban Aliyeva view conditions created at Guba Olympic Sports Complex (PHOTO/VIDEO)
Crisis center discloses 32,136 new coronavirus cases in Russia over past 24 hours
Chevron to expand investments in Kazakhstan’s Tengiz field dev't
Famous scientist talks about significance of victory in Azerbaijan’s Karabakh (PHOTO)
Iran shares data on cargo transportation
President Ilham Aliyev and First Lady Mehriban Aliyeva arrive in Guba district for visit (PHOTO/VIDEO)
Azerbaijan prepares bill on repatriation of people to Karabakh – state committee
Azerbaijani State Oil Fund’s estimates on oil, gas transportation revenues for 2022 unveiled
Azerbaijan gives update on mine clearance work in liberated lands
Azerbaijan’s 10M2021 volume of goods exports via stationary vehicles increases
State Oil Fund of Azerbaijan forecasts revenues and expenditures for 2022
Azerbaijan’s forecast for oil production from Bahar field in 2022 revealed
Cargo movements in Iran’s Noshahr Port down
India, Russia to ink number of pacts during Modi-Putin summit on Dec 6
India clears plan to make AK-203 assault rifles with Russia
Georgia to reduce external debt and budget deficit in 2022 – PM
From buyer of military goods, India wants to become Russia’s ‘development & production’ partner
All news