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Iran Is Messing Up Its Own Economy
(Economist-UK) The Iranian rial has lost a third of its value on the black market since September. On April 9 it sank to a record low of 61,000 to the dollar. The next day the government imposed a rate of 42,000 and vowed to arrest anyone who bought or sold rials for what they are actually worth. A lack of confidence in the rial reflects a lack of confidence in the economy. From the outside Iran looks ascendant, using proxies to expand its reach across the Middle East. In Syria it is establishing a permanent military presence. At home, however, the regime looks increasingly brittle. Unmet expectations may pose a bigger threat to the regime than sanctions ever did.