๐ฎ๐ท๐บ๐ธ Iran's currency keeps collapsing: one US dollar now costs nearly 2.7 million rials
The rial has lost more than half its value in a year and inflation is running around 73%, and Iranian state TV says the central bank is now dumping up to $2 billion to slow the slide.
Burning hard cash to prop up a currency only works while more money keeps coming in, and with Iran's oil revenue on track to hit zero by December, that $2 billion can't hold the line for long.
The IRGC has long profited from the smuggling economy sanctions create, so ordinary Iranians will feel this squeeze well before the men running the war do.
Source: Al Jazeera, Wall Street Journal
#worldnews #usdoller
$BTC
The rial has lost more than half its value in a year and inflation is running around 73%, and Iranian state TV says the central bank is now dumping up to $2 billion to slow the slide.
Burning hard cash to prop up a currency only works while more money keeps coming in, and with Iran's oil revenue on track to hit zero by December, that $2 billion can't hold the line for long.
The IRGC has long profited from the smuggling economy sanctions create, so ordinary Iranians will feel this squeeze well before the men running the war do.
Source: Al Jazeera, Wall Street Journal
#worldnews #usdoller
$BTC
