20 Years, 6 Markets: Tehran's Main Index Rose About 382 Times While Money Supply Rose 119; Deposits and the Dollar Fell Behind (Wednesday, 29 July 2026)

If six Iranians each held 100,000 toman in 1380 (2001) and each put it into a different market, by the end of 1400 (2022) the gap between them was striking: the Tehran Stock Exchange main index about 382 times, gold coins about 190 times, Tehran housing about 96 times, bank deposits about 38 times, the free market dollar about 35 times and a Pride car about 28 times. But the real yardstick is another number: money supply grew about 119 times over the same span, and only two markets beat it.