Destructive Imbalance

The Central Bank of Iran says money supply has increased by 37.5%, reaching 56,000 trillion rials ($155 billion) by Sept. 22. 
The growth rate of money supply has been 5% less than the rate in the same period of last year, but it still has the potential to turn into a disaster for the economy if not reduced to around 30%. 
This was stated by Hossein Haqgou, an economist, in a write-up for the Persian daily Ta’adol. A translation of the text follows:
The disaster of money supply growth is partly to blame on command economy, an approach toward economy that has no regard for the fundamental principles of economics and imposes its own will on the economy despite the ground realities. 
Since the very early days of the Islamic Revolution, governments had a flawed perception toward the concept of interest, equating it with is while interest is nothing but a compensation for the money that is losing its value and an opportunity the owner of the money is missing out by the day. 
Over these years, the government has required banks to pay low-interest or no-interest loans to different groups. On the other hand, the government has set interest rates lower than inflation rate. Such an unreasonable economic behavior has resulted in nothing but corruption, rent-seeking practices, a widening imbalance in the banking system, borrowing from the central bank and a rise in money supply and inflation.
The government has determined 16 responsibilities for banks in the current fiscal year (started March 21). Financial institutions have been tasked with granting millions of dollars in low-interest loans, including for marriage, childbearing, home purchase and job creation to applicants. 
The economic crisis compounds when these state commands come at a time when the government is struggling with a budget deficit and the country is in an unfavorable economic and political state.
That such a misguided economic governance has been in place for decades is due to the country's vast resources. Therefore, this destructive imbalance must be unraveled. It seems that the way to unravel this is by raising awareness regarding economics and recognizing the rights of citizens to participate in all economic and political decision-making to improve the common good.