A Fistful of Tomans: Iran’s Currency Wars
Kevan Harris, 24 January 2013
A Tehran restaurant owner recently told me the advice he’d been giving his friends for the last year: ‘Sell your car. Buy dollars.’ Sound counsel, I thought. Exchanging Iranian rials for dollars at the end of 2011 and converting them back nine months later would have yielded enough profit to buy two new cars. Waiting another month would have got you a cheap motorbike too....
