George: For those who don't think the cheaters are paying a heavy, heavy price for their profligacy, read the following. If you can't discipline yourself someone will enforce discipline on you. In this case the big Irish cop is the currency markets. This time the OPEC meeting may go smoother than planned. Time to get that price up.
vheadline.com
x-rates.com
thr 023
currency-press
rial may eventually have to be replaced, daily
tehran, feb. 20, irna -- the english language 'iran daily' saturday
commenting on the national currency of iran, said that the rial
which is currently being subjected to an unprecedented thrashing may
eventually have be replaced.
if its introduction however seems premature now, replacing the
rial around the year 2005 should come up as a serious consideration,
added the article in the perspective column of the daily.
referring to the weak economy of the country, the daily noted ''mr
khatami could not have come to office at a worse time economically. as
if all that he inherited was not enough, crude prices started to slide
sharply. out of necessity, not convenience, the government was forced
to stick to at least some economic policies of its predecessor.''
furthermore, ''the rial printing press may have effectively slowed
down due to the equally effective, yet undeclared, devaluation of the
local currency. but one dangerous mechanism is still in place. by
paying wages in rials, when consumables are pegged to the dollar is
asking for trouble,'' pointed out the daily.
however, it is true that khatami's iran is in a much better
political place, noted the paper adding that in less than two years,
political progress has been vastly more and effective than the 18
previous years put together. yet, the economic development has lagged
far behind and does not even come a poor second.
gathering from the news and views plastered on the cover pages
of newspapers for months, it seems president khatami is very likely
getting bad economic advice, noted the daily.
''given the circumstances, it seems that another shock therapy is
on the way. our rials have a lot of zeros which need to be dropped
to avoid riots and rebellion,'' concluded the article.
fh/ks
end
::irna 20/02/99 13:00
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