As Iran Rial Implodes By 20% In One Day, Follow The Death Of A Currency In Real Time
by Tyler Durden
ZeroHedge.com
10/01/2012
Iranian clerics’ attempts to curb speculation in the Rial and stabilize the currency appear to have backfired as the un-official (real) Rial rate traded as low as 34,250 Rial to the USD this morning – a massive 20% plunge. Demand for gold is surging (as Tehran exchange volume is up almost 18% today) as the population appears to be readying itself for hyperinflationary death – as we wrote yesterday, it really is no fun in Iran. The following tables/links will allow the real-time monitoring of that market’s collapse – since Bloomberg’s official rates are entirely useless.
Via Reuters:
The rial’s losses have accelerated in the past week after the government launched an “exchange centre” designed to supply dollars to importers of some basic goods at a special rate slightly cheaper than the market rate.
The Rest…HERE
