HRF’s Weekly Financial Freedom Report #65

Iran | Economy Minister Impeached Amid Currency Crash

Iran’s parliament impeached Economy Minister Abdolnaser Hemmati as the rial plunges toward 1 million per dollar, decimating citizens’ purchasing power. In 2015, the rial stood at 32,000 per dollar; by July, when President Masoud Pezeshkian took office, it had fallen to 584,000. Now, it sits around 930,000 (with exchange shops in Tehran trading nearly 1 million rials for every dollar). Hemmati’s ousting comes just six months into Pezeshkian’s presidency amid accusations of economic mismanagement. While Pezeshkian defended him, blaming Western pressure, lawmakers accused Hemmati of deliberately devaluing the rial to paper over the regime’s mounting deficits, making him the latest scapegoat in a long list of “causes” of the state-inflicted hyperinflation. At the same time, the Iranian Bitcoin community continues to push forward. Two of its members interviewed HRF’s Alex Gladstein recently, a conversation you can listen to here.

ECOWAS | Plans to Launch Common Currency by 2027

The Economic Community of West African States (ECOWAS) reaffirmed its plan to introduce a common currency, the Eco, by 2027. Many ECOWAS countries are still living under colonial-era CFA Franc system, which still grants France significant control over their monetary policies. On paper, the Eco promises greater regional autonomy. In reality, its impact remains uncertain. Political fractures already threaten its future; Mali, Burkina Faso, and Niger have left ECOWAS to form their own alliance and potential currency. Even if implemented, the Eco would remain a system controlled by authoritarian regimes and subject to the same abuses and mismanagement that have plagued centralized currencies for decades. Amidst uncertainty in the region, Bitcoin adoption continues to rise.

China | Policymakers Targeting Higher Inflation

Chinese Communist Party policymakers are openly targeting higher inflation to (in their words) counter deflation and sustain economic growth. In doing so, they admit what’s often left unsaid: devaluing citizens’ money as a way to manage the country’s soaring debt. Deflation, Chinese policymakers’ greatest fear, would make the debt more expensive in real terms — an outcome Beijing simply can’t afford. But their options are dwindling. Interest rates are already near zero and fiscal expansion is constrained by federal debt. For ordinary Chinese, financial security remains at the mercy of an authoritarian regime prioritizing government stability over individual financial freedom. Good timing, then, that Mi Primer Bitcoin (a student handbook to learning about Bitcoin) is now available in Simplified Chinese here.

Sudan | War Driving Famine and Inflation

Sudan’s ongoing civil war has devastated the economy, pushing millions into famine and deepening a humanitarian crisis. Nearly two years of conflict between the Sudanese army and paramilitary Rapid Support Forces (RSF) have destroyed critical infrastructure, severed supply routes, and crippled local markets. Food prices have skyrocketed — sugar now costs 2,400 Sudanese pounds per kilo — while inflation has reached 145%. The Sudanese pound has collapsed on the parallel market and many public workers haven’t been paid in months. With no functioning banking system, no stable currency, and no safe way to protect what little they have, Sudanese citizens are left defenseless. Without urgent relief and long-term solutions, millions more risk falling into extreme poverty, starvation, and preventable death. 

Ghana | Set to Launch CBDC in 2025

Ghana plans to launch its central bank’s digital currency (CBDC), the e-Cedi, in 2025, pending parliamentary approval. In a bid to learn from Nigeria’s struggling CBDC, Ghana’s version will support offline transactions to encourage adoption in rural areas with limited internet access. While Ghana is a democratic country, the e-Cedi raises alarming concerns about financial surveillance and state control. CBDCs allow governments to track every transaction, freeze funds without due process, and even impose expiration dates on money. With little public awareness of these risks, Ghana’s most vulnerable communities could be onboarded into a financial system that erodes privacy and restricts financial freedom. If widely adopted, the e-Cedi could mark a regional shift towards lesser financial autonomy for West African citizens.

Morocco | Activist Sentenced to Six Months in Prison Over Facebook Post

Moroccan authorities sentenced human rights activist Fouad Abdelmoumni to six months in prison for a Facebook post accusing the regime of spying on France. Authorities claimed his comments “spread false allegations” and “insulted public bodies,” effectively criminalizing speech critical of the state. His sentencing follows accusations that Morocco used Pegasus spyware to monitor prominent figures, including French President Emmanuel Macron, alongside journalists and activists. Pegasus can infiltrate mobile phones, extract data, and even activate cameras remotely. Now, Moroccan authorities are invoking the Penal Code to ensure harsher punishment for those exposing these abuses. Abdelmoumni’s case is yet another example of how authoritarian regimes manipulate the law to criminalize free speech and silence dissent.