Update: For the Iranian rial, in 2020, nothing had much changed since 2014 and years before. Rial is losing its value steadily and the theocracy has nothing else to offer than pray, flex muscles and brag and jails people when for its own .
On October 15th, one USD was exchanged for 322’000 rials. As long as the morons in power benefit can find their own interest, the welfare of the nation is of no interest to them. They still use bullets to kill and disperse hungry protesters and unpaid employees.
Rial: paying in Monopoly money
Nezam in his dictionary wrote that one rial was worth 4.68 gr. silver in the early 1900’s – (one Mesghal). A century and a bit later, even if rial (IRR) is still the Iranian money, it is not worth to mint any more, even with recycled metal scraps. Well we are eager to enrich uranium with thousands of centrifuges, to show our strength to the world, but we are unable to have a money worth exchanging. We ended 2014 with the world’s least valued currency unit as per Wikipedia. Aladdin would need hundreds of donkeys to carry enough rial to pay a night’s lavish expenses in a magnificent caravanserai. Kindly refrain from filling your piggy-bank with rials. You’ll need more than five- six zeros in front of any number for a treat.
By the way the difference between the free market USD and the rate controlled by the Iranian authorities is good news for the Iranian inside-traders. Every ayatollah is shadowed by one waving a magic wand and the rial becomes gold.
Fairy tale? No! No! Just Iranian reality where people listen to ayatollahs’ fairy tales and kiss their hands, instead of kicking their ass out, once for good.
But this is another tale.
All this tale about Rial is stale news.
In 2012 New York Times reported: The rial has lost roughly 40 percent of its value against the dollar this month and is down 80 percent against the dollar for the year.
And what was the Leader’s, our Führer’s reply? He described the mass protest in Tehran last week over the plummeting Iranian currency as an anomaly that the West had gleefully but foolishly misinterpreted as a harbinger of crisis.