Hossein Raqfar, an economy expert in Iran, has acknowledged the drastic financial situation facing the regime. Calculations are showing difficult periods ahead even despite what seems, at surface at least, a rebounding currency following the Iranian currency – the rial – plunging to 190,000 against the US dollar.
Iranians shop in a supermarket in north Tehran on April 29, 2015. (File photo: AP)
Iran’s inflation rate is 170.5%/yr, & rial’s black market premium is 164%. It’s no surprise that Iran’s Supreme Leader Khamenei “ordered” the central bank to strengthen the #rial. But, the cen. bank doesn’t know how to fix a failed currency. If it did, it would've done so yrs ago pic.twitter.com/QnWQyPwPjM— Prof. Steve Hanke (@steve_hanke) December 11, 2018