Iranians Hit By ‘Perfect Currency Storm’


(Worthy News) – Every day, hundreds head to Tehran’s bustling Ferdowsi street to buy foreign currency, only to find that many exchange offices have shut up shop, have turned off their currency-rate displays, or have signs up reading, “We don’t have U.S. dollars to sell.”

A nationwide dollar-buying panic is in full swing, spurred by the plunging value of the Iranian rial, a sluggish economy, and fears that the United States will reimpose crippling sanctions on the Islamic republic.

With the rial hitting all-time lows, the government has imposed an official exchange rate of 42,000 rials against the dollar, set a cap on the amount of foreign currency that citizens can hold outside banks, and sent police to patrol exchange shops to ensure that no under-the-table currency trading is going on. [ Source: Radio Free Europe (Read More…) ]

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