Liquidity Inflation Gap

Inflation at 83.9 Percent Has Outrun Money Growth of 53.3 Percent; the 30.6 Point Gap the Printing Press Did Not Create (Friday, 31 July 2026)

Iran's broad money reached about 15,581 thousand billion tomans at the end of 1404 (March 2026), growing about 53.3 percent. Yet year-on-year inflation in Tir 1405 (July 2026) stood near 83.9 percent, roughly 30.6 points ahead of money growth. The printing press did not create that gap: velocity, inflation expectations and the nearly 39,600 toman dollar spread on 30 July 2026 did. New money also travels through markets in sequence, not all at once.