A senior Iranian business leader has endorsed the government’s push to unify the country’s complex multi-tiered currency system but warned the move must be carefully calibrated and preceded by substantial, targeted support for low-income citizens.
Hossein Pirmoazzen, Vice President of the Iran Chamber of Commerce, Industries, Mines and Agriculture, told the chamber’s news portal on Sunday that while a single exchange rate is a correct and long-supported policy, its implementation requires precision.
The comments come as the Central Bank of Iran, on orders from President Masoud Pezeshkian, has initiated a policy to move towards a unified currency rate, a reform long sought by business leaders to curb corruption and distortions in the economy. However, fears persist that unifying the rate could trigger a surge in inflation.
Pirmoazzen directly criticized a recently floated proposal to compensate the public for resulting price hikes with a monthly payment of ten million rials per capita (approximately $7.25 at the unofficial rate).
“Implementing this program is very dangerous,” he said, describing such a payout as a “failed policy.” He argued the real needs of the end consumer are “far greater than ten million rials” and expressed hope the government would reconsider the idea.
His core recommendation is for the state to first thoroughly assess the status of different income deciles and “meet their needs based on realities” before liberalizing the exchange rate. This, he argued, would be the correct sequence to shield the most vulnerable from economic shock.