FaujHistorian
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I am 100% agree with you, today i had same debate with my colleagues and i was trying to convince them that money changers are making money in all this situation they will sell at maximum price and after that they will bring down the rates, I have seen two incidents of same kind in Pakistan, once at start of Iraq war they spread rumor that Iraqi currency will become stronger after fall of Sadam and people started buying that currency and many people lost their savings and second same type of incident was regarding property where only application form with original price PKR 20 was being traded at PKR 5,000
Well said. Speculative trading is at the core of many such commodities including currency.
However the downfall of Iranian currency has much more complex reasons than just speculation on part of traders.
Iran is rich with petroleum, and perhaps this is why it is poor as well. See the irony?
When Mullahs took over Iran, the ratio of its currency was 70 to a dollar. If suppose we were looking at 700 to a dollar. Perhaps there could be some comfort.
But the currency drop since 1979 from 70 to 32000+ is horrible and it points to much more than speculative trading.
peace to you.