Iran’s government is scrambling to contain a currency crisis after the rial hit an all-time low, prompting panic-buying of hard-to-find dollars amid political uncertainty. The Iranian currency has been steadily losing its value against the dollar since the 1979 Islamic revolution, when one dollar bought 70 rials. Saeed Laylaz, a prominent Tehran-based economist close to the Rouhani team, said both internal and external political reasons were driving the currency devaluation. “We’re not facing a currency crisis, we’re facing a crisis in accessing currency notes, and there’s a big difference. “Political [reasons] could be a fear of harsh sanctions or external pressure because of Trump’s attitude towards Iran,” he said.

Source: The Guardian April 11, 2018 03:56 UTC