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Iran Unable to Stabilize Its Plunging Currency
(Washington Post) Thomas Erdbrink - Iran is faced with a plummeting currency in the wake of toughened international sanctions. The black market rate for the dollar now stands at about 18,800 rials, compared with 12,500 rials to the dollar in December. Products such as imported steel, iPhones and wheat have doubled in price, with traders changing price tags by the hour to keep up with the rial's plunging value. The Iranian government, which receives oil revenue mostly in dollars and euros, is profiting from the rial's decline, analysts said. "Their income is in dollars, so a strong dollar helps them to buy more rials to pay their bills," said one prominent economist.