Iran: The Rial Saga

By Jahangir Amuzegar

Dr Amuzegar is a distinguished economist and former member of the IMF Executive Board.

During the last 12 months, and particularly since January 2012, the erratic and unhinged behavior of the Iranian currency, the rial, has been added to the Islamic Republic’s other thorny and protracted economic woes. After nearly a decade of relative stability in both the official and free market, the rial experienced a precipitous...