A perfect storm of a currency in Iran

Iran’s people keep getting poorer with soaring prices, corruption, and impending U.S. sanctions. Rial has lost about half its value in recent months against the U.S. dollar. In late 2017, $1 was worth about 43,000 rials. Iran’s President Hassan Rouhani was urged by Iran’s Parliament to change his economic team in order to minimize the impact on the Iranian public. The slide of the rial has had a huge impact on the Iranian economy as Iranians suddenly find their salaries worth less than what they were even a week ago. The Iranian government’s steps foreshadow the impact of U.S. sanctions that will go into effect as a result of President Trump’s withdrawal last month from the nuclear deal with Iran.

 

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https://www.theatlantic.com/international/archive/2018/06/iran-protests/563852/

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