According to the Iranian Students' News Agency, several Iranian lawmakers jointly wrote to the heads of various national authorities. In the letter, the lawmakers made five demands of the central bank governor and the monetary policy decision-making system:
1. Increase transparency in the foreign exchange market: The public and economic activists have the right to know the status of the country's foreign exchange resources, the purpose of the central bank's foreign exchange intervention, how much foreign exchange is allocated to different needs, the size of the country's foreign exchange liabilities, and the status of export revenue repatriation.
2. Develop a clear and assessable inflation control plan: Simply announcing a general inflation target is insufficient. A clear plan with a timetable is needed to control liquidity, the monetary base, excessive bank borrowing, and other factors affecting inflation, so that the public and experts can assess the policy's effectiveness at different stages.
3. Frankly explain the banking imbalance to the public: One of the major problems facing the Iranian economy is the imbalance between assets and liabilities in parts of the banking system. It is necessary to clarify which banks are facing imbalances, how these imbalances are financed, and what reform plans will be implemented. Using sources of funds that ultimately lead to an increase in the monetary base and higher inflation to fill the gap will ultimately be borne by the public through decreased purchasing power. 4. Avoid frequent, temporary, and unpredictable foreign exchange policy measures: Producers, exporters, importers, and even households need clear prospects to make decisions. Constantly changing regulations and sudden policy announcements not only increase the difficulty of economic planning but may also create conditions for rent-seeking, corruption, and speculation.
5. Regularly publish central bank work reports: The public should know what measures have been taken to maintain the value of the currency, what the results of each policy have been, and why the goals were not achieved. Accountability is not just about announcing new policy decisions; it means providing a clear explanation of the results of previous policies.
These lawmakers believe that maintaining the value of the currency is not only an economic goal but also directly related to the purchasing power, economic security, and future prospects of the people. Therefore, they hope that the central bank officials will not merely explain market fluctuations and send weak signals to Iran's sworn enemies but also explain the root causes of market fluctuations, the response plans, and the quantifiable results achieved by the policies. What the public needs most is stability, transparency, and integrity in the economic policy-making process.
