The picture illustrates United States 100-dollar bills bearing the portrait of US statesman, inventor and diplomat Benjamin Franklin next to Iran's various Rial banknotes, bearing a portrait of Iran's late founder of Islamic Republic Ayatollah Ruhollah Khomeini in Tehran on January 18, 2012. The Rial's plunge, to 18,000 to the dollar hit a record low on January 18, based on rates in black market trading that the government has tried to ban. AFP PHOTO/ATTA KENARE (Photo credit should read ATTA KENARE/AFP via

History repeats itself in Iran's currency exchange market

Subscribe for less than $9/month to access this story and all Al-Monitor reporting.

Why Al-Monitor?

Al-Monitor is an award-winning media outlet covering the Middle East, valued for its independence, diversity and analysis. It is read widely by US, international and Middle East decision makers at the highest levels, as well as by media, thought and business leaders and academia.

Read by

White House logo European Union logo United Nations logo NATO logo Foreign & Commonwealth Office logo World Bank logo Harvard University logo Council for Foreign Relations logo
message icon

Live news & notifications

Follow over 100 expert journalists based across the region and get notified in real time of breaking stories and exclusives. *Expanded coverage on Energy & Defense sectors.
message icon

Premier analysis of the Middle East

Access the sharpest and most diverse regional minds giving you all the angles on regional trends.
message icon

Live events & video

Priority access to roundtables, summits and other events alongside ALM's global community of regional influencers.
message icon

Specialized Newsletters

Get timely reporting on key countries and sectors with up to 10 daily and weekly newsletters straight to your inbox.
message icon

Big, exclusive interviews

Follow conversations with the region's biggest names in politics and business.
message icon

ALM archives since 2012

Access a repository of over a decade's worth of regional coverage, insights and trends.
The picture illustrates United States 100-dollar bills bearing the portrait of US statesman, inventor and diplomat Benjamin Franklin next to Iran's various Rial banknotes, bearing a portrait of Iran's late founder of Islamic Republic Ayatollah Ruhollah Khomeini in Tehran on January 18, 2012. The Rial's plunge, to 18,000 to the dollar hit a record low on January 18, based on rates in black market trading that the government has tried to ban. AFP PHOTO/ATTA KENARE (Photo credit should read ATTA KENARE/AFP via

Subscribe for unlimited access

By becoming an Al-Monitor subscriber, you drive our team’s rigorous and independent journalism spanning the Middle East.