The Iranian Rial has just suffered one of the most cataclysmic crashes in the recent history of the foreign exchange markets. It was off 25% last week, and has plummeted a mind-numbing 72% since the beginning of 2011. Watch out Zimbabwe!
The impact of Iran's currency slide has reached beyond its borders, hitting shares of MTN Group, the South African mobile operator that derives nearly a tenth of its revenue from the Middle Eastern country.
The fall in the Iranian rial over the past year is the result of Tehran's economic mismanagement and sanctions imposed over its disputed nuclear programme, U.S. Treasury official David Cohen said on Friday.
Western sanctions against Iran's oil trade have led to a total currency meltdown in Iran.
Disillusioned Iranians have taken to the streets in protest the huge drop in purchasing power they've gone through recently, and everyone is wondering if...