An Iranian man counts banknotes after exchanging a gold coin for cash in Tehran on Monday. Gold coins were being exchanged for over 10 million rials as the Iranian currency continues to lose value against the U.S. dollar.
Credit Atta Kenare / AFP/Getty Images
On Jan. 24, the exchange rate plummeted to 23,000 rials to the U.S. dollar. For years, the value of the Iranian currency was artificially maintained. Now, international sanctions and domestic politics are forcing a devaluation.
The value of Iran's currency — which had been sliding steadily for months — took another plunge this week. Faced with new economic sanctions from the U.S. and Europe, the rial now seems to be in free fall.
But at least part of the dive could be linked to currency manipulation by the government itself in an effort to fund candidates in upcoming elections.
In images posted on the Internet, hundreds of Iranians are seen gathered outside the headquarters of the Bank Melli in Tehran Monday. They wanted to buy dollars, but there were no dollars to be had.
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