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Currency Plunge Roils Iran as Further Sanctions Loom
Keywords:
Rising inflation at 20% in Iran in Dec 2011. Cash payments by the government to soften the impact of lower subsidies on fuel and other products brings more rials into circulation, leading to higher inflation. Sanctions are also affecting the economy. The rial has declined in value from 7000 rials to the dollar in October 2011 to 15,150 rials in December 2011, according to the Fars News Agency.
Iran's devaluing currency as it is hit by sanctions and higher inflation
11/30/2011
With inflation running at 20%, and facing sanctions from the EU and the U.S., the Iranian currency declined in value from 7000 rials to the dollar to 15,150 rials to the dollar, acccording to the Fars News Agency.
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