Nine pistachios cost 50,000 Toman
Useful summary
Former Zimbabwean President Robert Mugabe devastated his country’s economy and ruined the livelihoods of its people. Despite Zimbabwe’s rich reserves of precious minerals, his rule was characterized by government corruption, torture, the elimination of political opponents, intimidation, and electoral fraud. Ultimately, he was ousted in a military coup.
To illustrate this situation in simplified economic terms, imagine a citizen in Zimbabwe preparing to leave his home, intending to buy a commodity priced at three dinars. By the time he steps outside, the price has risen to three and a half dinars. After driving to the market, the price jumps to four dinars. When he parks his car at the market, the price has reached five dinars. This is what is known as “hyperinflation.”
Weather News
Seasonal Holidays and Occasions
Subscribe to Digital Newspaper
The price was three dinars, but it increased throughout the day. Prices rose every few hours—in fact, they are rising right now as we speak. A single loaf of bread came to cost 100,000 Zimbabwean dollars (equivalent to 230 cents), and later reached 100 trillion Zimbabwean dollars, because the currency became worthless.
Zimbabwe’s massive inflation became so severe that beggars refused to accept one billion Zimbabwean dollars. The destruction of the economy in this manner turned university graduates into street vendors. This is undoubtedly terrifying.
The cause was a shortage of US dollars, which led sellers to raise prices in the local currency, as if seeking compensation. Consequently, the inflation rate skyrocketed, and speculation on the dollar intensified, facilitating the further outflow of dollars from the country. People suffered from the high cost of living, government corruption, drought, political conflict, and an unemployment rate of 90 percent. It became rare for civil servants, police officers, and military personnel to receive their salaries on time.
In December 2016, expectations grew of a potential civil war or military coup. Mugabe had ruled the country with a harsh dictatorial style and was eventually ousted in a military coup on November 15, 2017.
Iran is experiencing conditions similar to those suffered by Zimbabwe. To summarize, a bundle of cash, even if it amounts to 10 million Iranian rials, is equivalent to three dinars. The value of the Iranian currency continues to plummet day by day. People are saying, “I bought nine pistachios for 50,000 tomans. Prices change every few hours. The rising cost of living is pushing millions into the clutches of poverty and unemployment.” Despite this, there are no indications of imminent protests, unlike those in late December last year, when large numbers of Iranians took to the streets in demonstrations that quickly evolved into massive anti-regime marches, met with violent repression that resulted in thousands of deaths.
This indicates that Iran lacks a seasoned finance minister to advise the government. Does the minister himself fear for his life?
