The rial’s fall

Iran’s currency is nose-diving. There can be no disputing this fact. On Tuesday, the rial hit a record low of 36,100 for one US dollar (at unofficial street-trading rates). A week earlier a dollar cost 24,000 rials. In 2011, the figure was 10,000.

This has not only imposed extreme hardship on Iran’s already hard-pressed population but has also created opportunities for all players to hype their self-serving spins.

Iran’s President Mahmoud Ahmadinejad, as expected, sought to bolster sagging morale by asserting that his country’s financial woes were all “due to psychological pressures.” Continue reading