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Iran's Rial Is in a Death Spiral, Again
(Forbes) Steve Hanke - Iran's rial plunged from 98,000/$ on Saturday to 112,000/$ on Sunday in Tehran, a stunning 12.5% one-day plunge. The last time the rial was in the grip of such a death spiral was in September 2012. With the collapse of the rial's value against the U.S. dollar, Iran's implied annual inflation rate has surged to 203%. The writer is a professor of applied economics at Johns Hopkins University and senior fellow at the Cato Institute.