2012-01-14

Hyperinflation in Iran

Iran rial slides, 'dollar' text messages appear blocked
The central bank reportedly pumped $200 million dollars into the market last Wednesday after new and much tougher U.S. sanctions prompted nervous Iranians to change rials into hard currency, accelerating a rise in the price of dollars on the open market.
Saying it would act to stabilise the currency, the Central Bank of Iran (CBI) imposed a rate of 14,000 rials to the dollar - up from record lows of around 18,000 rials - but many exchange offices would not sell at that price.
By Tuesday the exchange rate had risen again to around 17,000 rials, according to exchange bureaus, 50 percent more than the CBI's "reference rate" of 11,240 rials.
In his latest interview at King World News, Jim Rickards says U.S. war with Iran is very likely.

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