Rial

  • As Iran’s Currency Collapses, What Can Stop the Panic?

    Iran’s currency, the rial, has experienced a historic low record crashing through 90,000 rials against one US dollar on the unofficial market and continuing its slide amid economic uncertainty caused by corruption, mismanagement and fear of returning US sanctions.

    The drop in the value of the currency is having serious polictical repercussions. The development has encouraged Iranian merchants and shop owners to demonstrate against the government and go on strike in Tehran’s central market dedicated to sale and distribution of cellphone and electronic products. 

    Psychologically, the effect is significant because it has generated fear and uncertainty. Reminiscent of the last years of the shah’s rule, there are rumors that merchants in the bazaars in Tehran and provincial cities are hoarding, pushing up the price of basic foodstuffs.

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