The free market in Iran's rial appears to have halted after the currency dropped by 40pc in just a week, sparking clashes with police.Read the rest here.
Iran is in the grip of economic meltdown, with trading in its currency halted after it dropped 40pc in a week.
Western sanctions imposed on Iran’s oil exports over its nuclear programme, coupled with the state’s own monetary policies, have triggered a collapse in the value of the Iranian rial and a run to buy dollars.
After the rial on Tuesday hit a record low of around 37,500 to the dollar, from about 24,600 just eight days earlier, riot police in Tehran today ordered exchange bureaux to close and arrested illegal money changers, witnesses said.
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