How Does a Currency Drop 60% in 8 Days? Just Ask IranQuicklink submitted by Sheila Samples Permalink
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|Iran's currency has collapsed in two ways -- gradually and then suddenly. Iran is very much in the sudden phase right now. It took 24,600 rials to buy one dollar on September 24. It took 39,000 rials to buy one dollar on October 2. That's good for a 59 percent drop in just a week. This kind of currency cliff-diving is basically a bank run on the rial -- a bank run U.S.-led sanctions set off.|
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