Eliminating four zeros from Iran's national currency not a priority - researcher
BAKU, Azerbaijan, Jan.11
The policy of eliminating four zeros from Iran's national currency is currently not the priority, board member of Monetary and Banking Research Institute Kamran Nadri told Trend.
"The prices had a drastic increase since the discussion about eliminating four zeros from the national currency started, until today," Nadri said.
He added that overpricing has made the implementation of this policy ineffective.
"The elimination of zeros was aimed to simplify calculation of big transactions but now all the trades figures have grown due to inflation, if the inflation continues, soon more zeros will be eliminated," he said.
"This policy is not the priority, controlling inflation and improving business environment and reforming banking system are the priority," said the researcher.
He pointed out that the most important things should be to solve primary and serious problems such as inflation, housing problems, banking reforms, tax issues, subsidies," he said.
"The pension system has serious flaws, and the administrative system is very inefficient, so the plan on eliminating zeros from the national currency isn't a priority," he said.
"The government should have been controlling inflation that reduced purchasing power and people's welfare since June," Nadri said.
"If the inflation was under control, there wouldn't have been any need to eliminate zeros," he said.
"The first priority is to control inflation and solving structural problems and pay attention to economic growth," he said.