Devalued Rial Prompts Many Iranians to Exchange Money into Dollars, Other Currencies
Shahrdari Street Store, Tehran (Photo: kamshots/Flickr)
Iran’s currency, the rial, has lost a third of its value against the dollar in just 10 days.
That has prompted protests among shopkeepers and money changers in Tehran’s bazaar and has many Iranians frantically exchanging their rials into more stable currencies like dollars.
Marco Werman speaks with Iranian economist Ali Dadpay of Clayton State University in Georgia about what’s behind the currency’s fall and what we might expect the Iranian government to do to stave off any further devaluation.
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