Iran’s Crippled Currency
Increasingly stringent international sanctions prohibiting transactions with Iran’s central bank and oil companies have contributed to the sharp devaluation of the country’s currency, the rial. As economic hardship fuels social unrest, Iran’s leaders must decide how much they are willing to yield on the country's nuclear program.
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MONTREAL – Escalating economic woes, aggravated by increasingly stringent international sanctions that prohibit transactions with Iran’s central bank and oil companies, are fueling unrest in Iran, as the value of the country’s currency, the rial, plummets. In just 18 months, the rial’s exchange rate against the dollar has fallen by two-thirds.