The Iranian currency rial on Wednesday hit a record low against US dollar and other major currencies. The exchange rate ended the day at 13,400 rials per dollar, a 24 percent devaluation in twelve months (rial was exchanged at the rate of 10,850 per dollar in November 2010).
Thursday, November 17, 2011
Iran Currency Hits Record Low
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4 comments:
When the Euro was pounding the Dollar years back, my Republican friends would say "it's great for exports!"
The problem here seems to be more of structural nature, as opposed to normal fluctuations in currency rates. Since mid-2005, the Iranian currency has been on steady and continued decline: from 9,300 rials per dollar to now 13,400, loosing nearly 45 percent of its value since then. It so happens that Ahmadinejad came to power in mid-2005!
1. Print money
2. Commit national income to defense
3. Cut subsidies to the Iranian people
4. Crush democratic dissent
5. Support IRGC, and defund the people
6. Obtain nuclear weapons
7. Institute full Islamic Authoritarian rule
8. Continue to advance IRGC
9. Continue to crush democratic dissent
When the regime consists of low life's what do you expect of its currency?
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