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(Wall Street Journal) Benoit Faucon and Katie Martin - The Iranian currency fell to new lows on Monday, down to 33,500 rials to the dollar on the informal currency bazaars and exchanges, down 13% on the day, after already falling sharply last week. The official rate is 12,260 rials per dollar. Since the end of last year, the rial has lost 75% of its value against the dollar. "The collapse in the currency pushes up inflation. Middle-class savings are getting wiped out," said Charles Robertson, global chief economist at Renaissance Capital in London. 2012-10-02 00:00:00Full Article
Iran Currency Falls to New Lows
(Wall Street Journal) Benoit Faucon and Katie Martin - The Iranian currency fell to new lows on Monday, down to 33,500 rials to the dollar on the informal currency bazaars and exchanges, down 13% on the day, after already falling sharply last week. The official rate is 12,260 rials per dollar. Since the end of last year, the rial has lost 75% of its value against the dollar. "The collapse in the currency pushes up inflation. Middle-class savings are getting wiped out," said Charles Robertson, global chief economist at Renaissance Capital in London. 2012-10-02 00:00:00Full Article
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