Iran’s currency recently hit an all-time low, and economic uncertainty looks likely to test the country’s political establishment.
Iranian President Hassan Rouhani has already been dealing with a restless population, after years of disappointing economic performance following incredibly high expectations of rewards from the 2015 nuclear deal. The sudden loss of value to the rial threatens to undermine him even further.
Iran’s currency, the rial, traded at 40,000 to the dollar last year, but this week plunged to 60,000 rials per dollar, sparking panic buying. Just a few days ago, the government announced a plan to implement a currency peg at 42,000 rials, although that surprise move caused confusion. The central bank is trying to limit the amount that people can sell in exchange for foreign currency in an effort to halt the pressure.
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WNU Editor: Truth be told, the U.S. has been waging economic warfare against Iran since the revolution in 1979. And while it is easy to blame the U.S. for much of Iran's economic woes, the Iranians themselves are the ones who they should really be blame for why the times are so tough.
1 comment:
WNU Editor; Spot On!
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