By Micah Halpern
Thursday August 1, 2019
I've Been Thinking:
The currency of Iran is the rial.
The most recent US sanctions against Iran have hurt Iran badly.
The economy of Iran is suffering.
In order to survive the tremendous inflation they are suffering, Iranian leadership has decided to lop off four zeroes from the rial.
Iran's inflation is so high, we have no idea how high it really is. There are official inflation numbers of 30%, but we know those numbers aren't true. Unofficial numbers put Iran's inflation at 1,000% - that's one thousand percent.
The announcement about the rial was made by the Iranian government spokesman after a government meeting.
To get a sense of what has happened to the rial and the economy of Iran let's look at the rial over the past 4 years. In 2015 $1 was worth 32,000 rials. Today the official exchange rate is 120,000 to $1.
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