HYPERINFLATION: Iran’s Currency Is In A State Of Total Collapse
Oct. 1, 2012
The Iranian rial plunged today against the U.S. dollar as western sanctions against the state’s oil exports are really starting to up the pressure on Iran.
Earlier today, the rial was down 7 percent against the dollar, meaning it had lost a quarter of its value in just the past week.
However, it continued to drop throughout the day, losing more than 13 percent, according to the Jerusalem Post.
Israeli finance minister Yuval Steinitz said the Iranian economy is now “on the verge of collapse.” Via The Guardian:
Israel’s finance minister, Yuval Steinitz, said Iran’s economy “is not collapsing, but it is on the verge of collapse”. The loss of oil revenue would approach $45bn-$50bn (£28bn-£31bn) by the end of the year, he told Israel Radio. “The Iranians are in great economic difficulties as a result of the sanctions.”