- Dr. Doron Itzchakov
- May 1, 2018
- Paper No. 819
The sharp decline in the value of the Iranian currency is causing upheaval in the Iranian economy and challenging the government and the banking sector. The local currencyโs plunge to a rate of 6,000 tomans to the dollar, despite the high level of oil and gas revenues, reflects a lack of trust between the citizens and the banking system. A consideration of Iranโs economic policy sheds light on the limitations of the โdual economyโ practiced by the Islamic Republic since its inception.