Iran’s government was left with no choice but to resort to unifying the official and open market currency exchange rates to tame the rial's slide during a currency crisis, which has spurred some positive efforts.
Rather than an indicator of a poor economy, the devaluation of the Iranian currency is the result of investment behavior, and what we are witnessing now looks more like a bubble.
BY DAVID P. GOLDMAN
Western powers turn the screws one week after meeting in Istanbul to discuss Syria
Iranian President Hassan Rouhani and Central Bank Gov. Valiollah Seif have come under heavy fire over the sudden devaluation of the rial.
While a large amount of hard currency has left Iran in the years since the implementation of the nuclear deal, the picture is more complex than a simple case of investors rushing to move their capital outside the country.