Something – or somebody – is destroying Iran’s currency. Steady decline over the past two months has turned into a “panic” over the past 72 hours.
[T]he rial fell to unprecedented lows against the dollar Tuesday, amounting to a 15 percent loss in value over the past three days, the Fars News Agency reported.
“There is sheer panic in the market,” one steel trader said. “The price of the dollar is increasing by the hour.”
The immediate trigger is a breakdown in trade relations with the United Arab Emirates – but obviously there’s a lot more going on.
And this is before the central bank sanctions of Menendez-Kirk begin to bite. It really may be possible to change Iran without war.