As a result of their disastrous economic policies meant to enrich themselves, the regime is overseeing the collapse of the Iranian currency and seems unable to do anything about it. The rial has dropped 2% against the US Dollar in the past day alone. While the wealth of Middle Class Iranians disappears in inflation and a weak currency, the regime pretends like it is doing something:
The Iranian president says his administration will do everything it can to save the national currency from plunging further out of control.
The semi-official Mehr news agency is quoting Mahmoud Ahmadinejad as saying this is possible with the “huge reserves” of hard currency that Iran has. The report offered no details.
The rial hit a record low on Tuesday, with the U.S. dollar selling for 15,050 rials in foreign currency exchange offices.
The dollar sold for about 10,500 rials last December and in 1979 — the year an Islamic revolution toppled the pro-Western Shah Mohammad Reza Pahlavi — it was 70 rials against the dollar.
Iran has restricted cash withdrawals and allows banks to sell only $2,000 per year to each person traveling outside the country.
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