No. 16



Politics And Oil Cause Iranian Exchange Rate Jitters

A combination of political concerns and underlying worries over oil prices was behindthe fall in the exchange rate of the Iranian riyal last week. Given that oil prices havebeen low for some months now, it seems more likely that, of the two factors, the politicalgoes further towards explaining the timing of the riyal's collapse. At MEES presstime the riyal was being quoted on the black market at $1=IR5,700,...