Iran: faces economic and currency collapse

Will Iran's Regime Collapse Along with its Currency?

The Iranian rial hit a record low on Tuesday October 2, 2012, yet Iranian authorities appear confused and powerless in the face of this financial tsunami. Sanctions are being blamed for the national currency's drop to 34,500 rials against the United States dollar. The president of Tehran's Chamber of Commerce, Industries, Mines and Agriculture, Yahya Al Eshagh, compared the financial crisis to a war and said “a missile had hit currency square.” In turn, the Iranian president defended his government's economic policies, claiming the country's enemies were waging “psychological warfare” against Iran. Read more on Global Voices »