The Latest from Iran (24 January): "Iranian Economy is Humming Along Nicely"

Nikahang Kowsar's Mahmoud Ahmadinejad deals with the currency crisis, using a wishing well and "Heads or Tails?"

See also Iran Featured Question: Is the Currency in Free Fall?
The Latest from Iran (23 January): Hibernating While The Currency Falls

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2154 GMT: Political Prisoner Watch. Former student activist Saeed Razavi Faghih was arrested at Imam Khomeini International Airport and sent to Evin Prison on 18 January.

1924 GMT: Sanctions Watch. Minister of Interior Mostafa Mohammad Najjar assures,“The sanctions [imposed] by the European Union will not affect Iran and will further deteriorate the economic condition of the European countries. We do not mind the implementation of sanctions by Europe because we have constantly faced such sanctions in the past 30 years."

The Iranian Foreign Ministry has apparently explained how Europe is self-harming with the sanctions by summoning the Danish Foreign Minister. Denmark is the current President of the European Union.

1904 GMT: Political Prisoner Watch. Activists Ebrahim Rashidi and Afshin Shahbazi have been arrested in Tabriz and moved to an undisclosed location.

1858 GMT: Economy Watch. ISNA reports that the Government owes 16 billion Toman (about $8 million) to tea growers, with no payment since the crop nine months ago.

1848 GMT: Currency All-Is-Well Alert. Mehdi Goudarzi of the Central Bank has explained that the "real value" of old goin coin --- listed as 1,020,000 Toman (about $450) --- is 700,000 Toman (about $305), so people should stop buying it.

Goudarzi also assured, even though many exchange offices have stopped selling dollars, that the Bank can provide enough foreign currency to sustain the market.

Meanwhile, Mehr reports that the Bazaar has reacted sharply to currency fluctuations, with wholesalers refusing to deliver goods despite signed contracts.

1840 GMT: Currency Watch. Etedaal reports that a judiciary official has warned currency websites not to refer to an "unofficial Bazaar" or "experts predict" when mentioning rates.

The leading website Mesghal has not updated the rates for the Iranian Rial today, after the currency fell 15% on Monday.

1835 GMT: Sedition Watch. Minister of Intelligence Heydar Moslehi has announced, "We have lots of documents that the fitna (sedition) is cooperating with enemies." He claimed those enemies have "set up 15 programmes to harm [Parliamentary] elections" in March.

1829 GMT: Subsidy Cuts Watch. Minister of Energy Majid Namjoo has proposed a 20% price rise for water supplies from March as part of the second phase of subsidy cuts.

1319 GMT: Sanctions Watch. Australian Foreign Minister Kevin Rudd has said that Canberra will follow the European Union and ban oil imports from Iran.

0839 GMT: The Economic War. Mohsen Rezaei, Secretary of the Expediency Council and 2009 Presidential candidate, has declared that "economic war has begun" and "officials must wake up".

Rezaei proposes a four-point strategy to win the war: 1) a programme to boost the economy and employment; 2) a programme to neutralise sanctions; 3) more cooperation with the "Islamic Awakening" in the Middle East; 4) assertive diplomacy.

Rezaei suggested a seven-person committee to boost the economy, as Asian countries have done, and a mobilisation of the people, comparable to that during the Iran-Iraq War of the 1980s.

0835 GMT: The Battle Within. The pro-Ahmadinejad Raha News continues its aggressive campaign against foes this morning. It claims, citing Ahmadinejad, that some hardliners --- out of mischief or misjudgement --- had told the Supreme Leader that Mir Hossein Mousavi would win the 2009 Presidential election.

0824 GMT: Political Prisoner Watch. Dr Mohammad Maleki, the 78-year-old former Chancellor of Tehran University, has been summoned to Evin Prison.

Maleki, who has been in prison on several occasions since the 1980s, was arrested in August 2009 and released on bail in March 2010. Last October he was sentenced to one year in prison for insulting the Supreme Leader, although he was acquitted of "mohareb" (war against God).

Family and friends of literary translator Mohammad Soleimani Nia say he was detained for unknown reasons on 10 January. They do not his whereabouts.

In November, Soleimani Nia was questioned by security and intelligence officers. He did not reveal details to his friends and family. On 10 January, he was accompanied by security guards to the home he shares with his parents in Karaj, outside Tehran. The guards searched the house, seizing electronic devices and documents, and prohibited Soleimani Nia from speaking to his parents.

Peyman Pakmehr, a prominent journalist in Tabriz, has been released on bail after his arrest last week.

0819 GMT: Sanctions Watch. Japanese Foreign Minister Koichiro Gemba has effectively set two conditions for Tokyo reducing or even cutting its oil imports from Iran: 1) stability in the global oil markets; i.e., assured supplies to Japan to replace the Iranian oil; 2) support of new restrictions on Tehran from China and India, both large buyers of Iran's crude.

Gemba, speaking to reporters about the European Union's imposition of new sanctions, said Tokyo was considering the reduction in Iranian oil. He would not give a date for the move or an estimate of the reduction.

0810 GMT: Economy Watch. MP Abbas Ali Nour, has denied that Ministry of Economy Shamseddin Hosseini has been summoned to Parliament for questioning. Ali Nour blamed the Central Bank for the currency crisis.

Meanwhile, Fars continues to push the line --- from an "informed source" --- that the European Union sanctions will have no effect, as Iran "does not have a penny" in Europe. The source said Hosseini will make a statement on Wednesday.

0805 GMT: Rafsanjani Watch. Former President Hashemi Rafsanjani has issued a typically measured challenge to the Government (and to the Supreme Leader?): "If people are not present on the scene, Islamic rule does not come into being."

0620 GMT: Political Prisoner Watch. Yaser Yousefzadeh, a supporter of detained opposition figure Mir Hossein Mousavi, has been arrested in a raid of his home in Babolsar in northern Iran.

0610 GMT: There is only one place to start Tuesday. With another shock to the Iranian currency (down 15%) and gold prices (up 30% in less than a week), our focus will be on the economy. As we deal with both the latest developments and declarations insisting, "The Iranian economy is humming along nicely," we post a separate feature, "Is the Currency in Free Fall?"

Meanwhile, Aftab posts that prices for diary products are rising by up by 14% on a daily basis: on Sunday, 1 litre of milk was selling on Sunday at 1050 Toman (about 50 cents); on Monday, the cost was 1200 Toman (about 56 cents). Another observer says that the price of noodles rose 17% --- from 3000 to 3500 Toman --- in less than 24 hours.