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July 31 2018

mr-absentia

“The rial has lost more than a half of its value against the dollar in just four months, having fallen to the 50,000-mark for the first time in March. Iranians have been trying to buy more US currency on the black market for fear the economy can collapse when the US sanctions return.

In an attempt to curb currency speculation which has led to the rial collapse, the Iranian central bank unified the official and unregulated exchange rates. However, there have been reports that black market vendors are inflating the costs of goods imported in US dollars.

The locals often seek to buy the US currency as they think it is a safe way to store their savings, or as an investment if the rial continues to drop. While the official rate is about 44,050 rials, it is very hard to buy a buck at that rate in Iran.”

— rt.com: Iranian rial falls to record low against the US dollar & central bank blames ‘nation’s enemies’ (Jul. 31 2018)

October 27 2014

mr-absentia
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