iran currancy value dropping by the hour

[SnowGlobe7]

Iranian: 'Our money is becoming more and more worthless every day'

Raheb Homavandi / Reuters file

A money changer holds Iranian rial banknotes as he waits for customers in Tehran's business district in this January 7, 2012 file photo.

By Ali Arouzi, NBC News correspondent

TEHRAN – Even though threats of war with Israel are almost a daily occurrence, what’s really on people's minds in this city is the economy.

The United States, the European Union and the U.N. have imposed tough economic sanctions against Iran, blocking access to the international banking system and curbing sales of Iranian crude oil as a way to persuade Tehran to abandon its nuclear program.

See our full coverage on international hot spots crucial to U.S. foreign policy ahead of elections in our At the Brink series here. And on Sunday, Sept. 30, and Monday, Oct. 1, tune into special coverage on all NBC News platforms from NBC’s team of anchors and correspondents deployed in five countries across the region.

As a result, Iran’s currency, the rial, is in a constant state of flux, but mostly on a downward trajectory. These days, it seems to fall in value against the dollar on an hourly basis. On Tuesday the currency hit an all-time low against the U.S. dollar, trading at 26,500 to the U.S. dollar on the open market, according to Persian-language currency tracking website Mazanex.

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“Our money is becoming more and more worthless every day,” said Sarvenas Sadi, an elderly woman doing her daily shopping in Tehran earlier this week.

She picked up a handful of limes and exclaimed, “These were 100 percent cheaper last year!”

Asked whether she ever thought she would see the currency devalue so much, she replied, “Never! I remember before the [1979] revolution $1 was worth 70 rial, now it’s worth 26,000! Who would have ever have thought!”

Iranians feel the pain of sanctions: 'Everything has doubled in price'

Did she think things would ever balance out and the price of goods would come down to what they were before. “Unfortunately I don’t think so. The thing with Iran is that once the price of something goes up, it never comes down again.”

So what’s the solution? “Eat less limes,” she jokingly replied.

http://worldnews.nbcnews.com/_news/2012/09/28/14137979-iranian-our-money-is-becoming-more-and-more-worthless-every-day?lite

[boomer113189]

i was watching cnbc news and they said it at historic lows mybe this would be the time to buy

[hammer911]

i was watching cnbc news and they said it at historic lows mybe this would be the time to buy

Was thinking the same thing a few weeks back!!!

[SnowGlobe7]

i was hoping I was not the only crazy one thinking the same thing...lol!!!!!

[DayGee]

At 26,000 to 1, that's $38.46 per million. If it were to RV back to 70 rials per dollar, that would be $14,286 per million, or about a 41,000 percent profit.

Of course I'm sure the Iranians are a proud people, so they might not be happy with 70 rials per dollar, and would prefer at least a 1 to 1 ratio, or maybe somewhere in the $3.50 neighborhood so the Kuwaitis don't make fun of them. ;-)

[buckeye88us]

Where do I sign up to get my rial website....is Oakie available for hire? LOL!!

[Nadita]

Are we thinking of buying Iran rial too ? wonder which one will rv first

[PhoenixGeorge]

At 26,000 to 1, that's $38.46 per million. If it were to RV back to 70 rials per dollar, that would be $14,286 per million, or about a 41,000 percent profit.

Of course I'm sure the Iranians are a proud people, so they might not be happy with 70 rials per dollar, and would prefer at least a 1 to 1 ratio, or maybe somewhere in the $3.50 neighborhood so the Kuwaitis don't make fun of them. ;-)

Good idea, where do you buy it? LOL

[King Bean]

Of course I'm sure the Iranians are a proud people, so they might not be happy with 70 rials per dollar, and would prefer at least a 1 to 1 ratio, or maybe somewhere in the $3.50 neighborhood so the Kuwaitis don't make fun of them. ;-)

Hmmmm...maybe iraq should consider something like this???

[OldSignalOfficer]

So much for the Iranians getting backing from China and Russia. Can you say, "US/EUROPEAN EMBARGO"?

[SnowGlobe7]

bump

[JREDinars]

Bummpity-bump bump!

[hammer911]

Here ya go... Iranian rials for sale...lol...GO RV!!!~~~

http://www.kcshop.com/foreigncurrency/IranianCurrency.htm

[SnowGlobe7]

lol..i knew it....hammer911 the new ali!!!!!!!

[hammer911]

lol..i knew it....hammer911 the new ali!!!!!!!

LOL