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Who is behind Iran’s currency plunge?

In the past months, the rial, Iran’s national currency, has lost more than 80% of its value. In September, the rial hit an all-time low of 190,000 against the U.S. dollar. Iranian officials and government institutions obtain rials at government-fixed rates (approx. 42,000 rials) and sell them at free market rates. Iran’s state-run media confess that government corruption is one of the main elements that exacerbates the depreciation of the rial’s value.

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