[000:00:00;00] you are with the higher program, i want to start with mr. yazdizadeh and this question, basically , which point of view are you in favor of, are you in favor of stabilization or should we float the rate from now on, in the name of god, see if you mean stabilization. with stabilization, i am definitely in favor of stabilizing the exchange rate , not fixing it, clearly, i mean to set an exchange rate, let's talk about the exchange rate at all. of these, they are under some factors, that is, if i come and say, assume that it is like the arab countries

it makes no sense to keep their money the same as the dollar for years now, 50 years. no , because the dollar has weakened, in fact, their currency has weakened, if their economic situation is far better than the economic situation of the united states, now we have something called stabilization of the land rate, it is not an effective policy , that is, fixing the exchange rate is definitely not an effective policy. the exchange rate should be variable, but it should definitely be a single rate and it should definitely be determined by its own mechanism, that is, we have a problem, mr. bozor, who is unfortunately 50 years old and 40 years old, forgetting that when we are talking about width. we are facing a completely separate phenomenon in the country

. one. you set a rate, you implement a thousand rates with the tariff , but we don't understand this, we think, for example , when we want to say that we want to support a certain product, we must set a price for that product , that is, something that is absolutely ridiculous that you i have not seen anywhere in the world that the origin is us our economists, so that instrument works well . you have a time. you are talking about width as a financial asset, which is a bill . they are looking at it for investing in financial assets. it has a separate issue. the mistake made by our policy maker is not separating these two tests. the demand is not for imports and it has become the source of our policy, we have tied the whole peace of my country to

that market. and this lack of separation has been our biggest mistake unfortunately, they were pushed to an inappropriate place and brought the economy to an irreversible stage of balance . i will explain later, when the conditions we created in the financial market for our country and the gold crisis created a gap between the money market and our real market, and practically the general balance cannot be realized at all, and another issue is that because this financial market our currency and gold have also become a means of exchange. this is their transformation into

a nameless means of exchange. all the theoretical foundations of economics have been taken to the air, which means that you cannot propose any economic theory defend it in a situation where it can be replaced by another asset instead of the national currency and become a medium of exchange. this is the situation we are in . unfortunately, our politicians do not want to understand this matter, and i would like to ask you a question. i will go to mr. darabi. the fact that you do not agree with the policies of stabilizing the exchange rate means that now you are saying that we should come to the floating exchange rate.

let's do it for because you dismissed the asset with currency as a financial asset , you gave it the privilege of not controlling its circulation, the best means of the underground economy

is the exchange of the underground economy and a we can see the master of every scan that in fact they guarantee that this is a paid tool and it is their duty to stabilize its value and not only to stabilize it but also to strengthen it in the smoothness of their surface. it is not that i am against the fact that the value of the national currency should remain stable, everyone agrees that it should be fixed, but the problem with stabilization is that, well, when your country. faced with high inflation , it has high liquidity growth, macroeconomic imbalances have always persisted, and in fact , there are no basic measures to resolve these imbalances.

in fact, we don't have the horizon of a decrease in the inflation rate, in fact , there is a positive horizon of the economy now, as it should be, and maybe it doesn't exist. there is nothing to say. a country that is subject to sanctions, a country that is subject to imbalances , always has a balance of foreign payments. due to various reasons, such as the shocks that

we experienced recently, these countries are forced to apply currency controls, even institutions for countries like us in the conditions. to some extent, even imf recommends currency control . what does currency control mean? the same thing that our ministry does, control of order registration or bank. our center does the allocation, in fact, the requirement to register the origin and limit the import of some goods . see, when we apply horizontal controls, it is basically not possible to have a single rate. single rate means that

the official market rate and the informal market should be equalized . yes, the cost of zaz will harm the economy. when relative stability is reached and we no longer need to apply this control, i think that's the point the fundamental difference that arises is on the last point that mr. azizzadeh said that they say that land is merely a tool of exchange for business. no, it is not like that. you should read the international economics books now . they consider the currency market to be a type of asset market. yes, and this is not what i liked. whether i like it or not, it's the asset market, now we have the forex market, so we don't have access to the forex market , but they look at the situation in our country , well, because we don't have the possibility of foreign investment, like buying foreign bonds, like foreign stocks, people have to inevitably. which is actually a part of their asset portfolio

they turn to holding gold and silver, but for example, i confirm this, well, definitely not, no matter how much people actually invest , their assets should be kept in the form of rial assets, such as stocks, like bank deposits. it will definitely be positive, but we can't force our people not to make a rational decision, that is, in fact, we have some kind of structure. we arranged a way that we force people to take refuge in coins, and according to the next point that mr. azizzadeh said, they say that we have a trade surplus. i think our trade balance is actually positive. it is necessary to compile the statistics that the balance of payments that the central bank is publishing. well, you can see

that we have a trade deficit of 17 billion dollars according to the customs statistics. of these 17 , yes, part of our expenses goes to smuggling, and part of it goes to the outflow of capital. when we say trade balance surplus. we have a balance of payments surplus , the definite result is a decrease in the exchange rate, but when our land price does not decrease, it means that no, we are not suffering from the reputation of balance of payments. thank you, mr. yezizadeh

. no , you can't sell oil, oil is a source of supply it does not matter who owns the supply, if the supply rate is to be determined in a market where the supply of currency and the supply demand for imports is the origin of the supply, it can be whatever it wants to be, the government is the most important importer of its oil revenue, 10 billion dollars, 12 billion basic goods are imported. does in the world , the countries whose trade balance becomes negative do not necessarily devalue the currency with policies like you said , it is not for countries like us, it is for all countries, the multi-rate system is implemented with different definitions. they manage

the import to reduce the import demand and so on the truth is that they can keep the price of land and pay attention to the other issue that you mentioned, which is to justify the excuse that we did not get past this trade balance deficit. how do you analyze this number of 27 billion and you say that this debate is

about the history of their imports, that we are stopping the import of luxury cars and mobiles? well, all this shows that we have a deficit. but you might mean that this deficit is due to the fact that part of our currency is going to smuggling is part of our currency . where does it go for the capital ? where does it go for smuggling ? it seems to them that foreigners are in love with our eyes. pretty much always the same, actually. is it the currency that is being used for

import smuggling, is it the origin of our own exports, the width of which has not returned, or is the currency itself, even the central bank has intervened in the informal market to lower the exchange rate, like in the 80s, when we had nearly 250 billion dollars of intervention in the informal market, 38 after 925 billion dollars in total from 1981 to 1980 . 96 according to the report of the head of the central bank of the 11th government, yes, we had 284 billion dollars of intervention in the informal market. we intervened. if you look at the statistics of smuggling, it's a number close to this. i don't want to say that it all went to ensure the width of smuggling, but you see, when the central bank takes 284 billion dollars , it sells in the informal market. what does that mean, in the informal market, are people buying who wants to leave ? don't smuggle capital anymore . well, now, let's see what the issue is

, why there is so much demand for imports the reason is that you have come to the country , that is, the government has indulged in the financial asset market , given special privileges to this financial asset market, and the most important thing is that this financial asset. it is nameless , when it was nameless, it means that it can be a student of smuggling , so the demand for smuggling increases. it had a name, which means you can do tax evasion. when it was nameless, it means that the

underground economy must be big, which is many times over the economy is clear now, well, when you see this. they invest, which part they invest in depends on that asset. if the asset

comes in a basket of stock market assets, there is interest on bank deposits, there is property, there is car, there is money , there is also gold, there is also money in the rest of the world. yes, that's right, people invest. today, the australian dollar is falling against the us dollar. they say, well, sir, this will return to this situation. some people are in their own banks. they work but there is a difference, one is the rate that is used in the capital market, the rate is the determining factor in the capital market, when this money enters this basket, how is it divided between these , mr. nasab, it depends on which one has the highest return, so enter the one that the efficiency

will increase so that they are all balanced. this is for example for the theory of hosts, which is not such a thing. now , let me tell you about these financial assets that i put in my country. one of them is supply and the other is gold. they have special characteristics compared to the others, and they are extremely liquid. above, therefore, i demand there is no need for caution , i will even reduce my demand for caution. i will enter this market. two extremely high divisibles, that is, people with the lowest savings can bring their money here. there is no need for the rest of the property, whether it is a property or something that requires a large amount of money. it has 3 tax-exempt, an exempt investment, very good , 4 transfers without registration, that is , an exempt, nameless, divisible financial asset that can be used as a means of exchange. when you create these, this

will be your price index . drawing width if those those who know the economy know that a financial asset market is created to control the overflow of this liquidity. they choose a market as a financial asset that has several characteristics, a value that can be increased, that is, it faces a density of demand or a severe lack of satisfaction. this market is not able to collect this money. second , this financial asset should not cause inflation, which can spread to the rest of the economy. third, this financial asset should definitely be non-performing. to be able to control it, we have economic scientists who are at work today, praise be to god, none of them.

they have nothing to do with creating the worst kind of financial market, the market that you see now in this demand market, according to this issue, mr. bozoran, we have 8,000 liquidity, the major part of this demand potential can be in the currency and gold market. it means 133 billion dollars, mr. government, with what logic, what logic did your scientist tell you that a market that is facing a terrible potential for demand and supply , go control it through supply , go and inject 284 billion dollars in 15 years to facilitate smuggling. that is the image of capital flight of a country with 50 billion dollars of this. billion the dollar will get rid of raw sales in all fields. all those who do this must answer and all those who continue to do so must

answer. what kind of resources are you doing in this country? because you can't manage your financial market, because you don't understand that this market is the market you have to go to if you want to bring down the price, see where the motivations for demand come from. i am asking for my smuggler. sir, i want to give a bribe , please. i want to evade taxes . i request as soon as you just score like the rest of the world , take advantage of the fact that this asset is anonymous. all these demands will be futile . it is no longer useful for smuggling. it is not useful for capital flight. it is not useful for corruption and bribery . it is not useful for tax evasion . if the topic you mentioned is the inflation issue , it means justifying that because inflation is created in the country , the price of land should go up. this is actually a theoretical mistake. it is a theoretical mistake

because this is the assumption he is making sir, my inflation has nothing to do with the exchange rate , no, why are you saying, sir, that it is inflated, i have to increase the debt, no, i am explaining, it means that it has caught fire , now i have to pour gasoline, see my inflation , the major part of it, i mean inflation , that is not what they mean, please explain. please let me know, mr. d. well , regarding the first discussion, i think we should make a summary. therefore , our balance of foreign payments, including the current account and the capital account, is not in surplus. no, i do not accept this. when he comes, he says that your horizontal system is floating, when we are in the market informal capital account is practically an informal market. according to your words, we are floating , this is a discussion of economic literature. when you do

n't have a fixed currency, like saudi arabia, bahrain, it is not a financial asset rate, it is not a currency. pay attention. when we don't have a fixed horizontal system, it is never possible to have a balance of foreign payments surplus . the above is absolutely impossible, it means that you should open the bachelor's book, it is the first nine conditions, that is, when they say that the relationship is variable , there is no such assumption at all. if you think that there is a theory that does not assume the stability of other conditions, then you

have to open salvatore's bachelor's book. i don't know, open frenkel, tell me a theory that assumes the stability of the year is very simple, he says that looking at the balance of payments when the land rate is floating, yes, definitely and definitely there is a balance of your payments, that means your balance will apply automatically, why does he say if if your balance of payments is positive , your exchange rate will decrease so much that your balance will return. if you find a deficit , your exchange rate will rise so much that the balance will return. this is not a theory at all. this is not a theory. import and export use if let me talk all theory. the discussion of theory is different from the discussion, in fact, it is a balance discussion. yes

, there is a series of contradictions in economic hypotheses, but i am saying what i have. it is not a hypothesis that this is actually a union. sir, the interest rate is floating . when you have a surplus, the price goes down. when you have a deficit, the price goes up. this is not a hypothesis. this is not an economic theory that needs an assumption. this is another point that i think is the point of disagreement. this is my opinion, maybe if it is different. in case , of the 284 billion dollars that i presented to you , most of it was intervention in the commercial market, that is it was in dirhams in uae, it

was for import and export, it was not scanned, the amount of the banknote is very low, very low. that's why you put so much burden and weight on the banknote, this is not the case. the main shock of the transverse work that we are suffering is your business. how much do i want some of this 284 billion to say it is too much? our intervention is in the form of 80 billion 80 billion very 80 billion 80 billion cash bills. imagine a whole country, you know 284 billion. we have to scan the dollar, how many parts of foreign currency into the country, it is impossible at all, as a result of our interventions , we had remittances, and remittances are also for business. there has been so much weight and burden that you have seen . again, i am not denying that sometimes it is commercial, what kind of business, smuggling, commercial, i also smuggle luggage

, whether it is official, it is not official. that many people think. there is a series of cases in nima, they buy nima after you , then i go to arzo and they import with it . it is not like that at all. it is a different form . i will explain it in the next part. so see, we are the main shocks of our exchange rate, the major deficits we have are major in fact. signaling the exchange rate that takes the exchange rate above, our current account is not our capital account, it is not our capital account, that is, i feel that you have a very heavy burden, you are putting it on the scanner , when in practice, our banknote market is not that deep and there is no exchange in it, you see , we are close to 2 trillion dollars. in these two decades, we actually had foreign exchange resources. of these two trillion , it can be said with certainty that one-

eighth of it was spent on trade . the scanning side was in tehran, but it is interesting to know that it means you just put a price leadership model, for example, between the dubai dollar and the tehran dollar, the majority of information overflows from

the dubai side to tehran right now, why do our markets start selling hours at 11 o'clock. they start pointing out that dubai is important, why is dubai important, because dubai is actually our commercial center, and as a result , i want to refute yazidzadeh's statements that the majority of our cash flow goes back to business and back to the business account. thank you for this one. in fact, if we say that since you gave mr. yazidzadeh extra time, i should use it for one minute, what would be the result? that is why most of our currency changes look at our trading account