Iran could be heading for a serious financial crisis if a massive capital flight of $59.4bn over the two years to March 2018 accelerates as planned US sanctions kick in from August.

Iran’s parliamentary think tank, the Majlis Research Center (MRC), in late May published a comprehensive report on the crisis in Iran’s forex market. This showed a doubling of capital outflows from $20.2bn for the Iranian year to March 2017 to $39.2bn the following year; outflows soared to $13bn for...