Good evening, I’m still reporting on: Iran’s Currency Collapses, 2161
Synopsis: According to Radio Farda – the US government-funded Persian-language version of Radio Free Europe – the Iranian currency – the Rial – is collapsing.
What does this mean? Here is a photo of a line of Iranians in front of a currency exchange ready to travel abroad. They have to have foreign currency to pay for things because a coffee shop in Paris has no idea what an Iranian Rial is, much less what it is worth.
So, here is the current spot price for the Rial, one Rial is worth – .000024 of a dollar. Or the inverse is it would take 41,666 Rials to buy one dollar – today.
When this story was written a few hours ago, the price was 40,000 Rial to a dollar. So international confidence in the Rial is sinking fast, and that’s what a currency collapse is.