As Iran’s Currency Keeps Tumbling, Anxiety Is Rising [View all]

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In the Iranian capital, all anyone can talk about is the rial, and how lives have been turned upside down in one terrible week. Every elevator ride, office visit or quick run to the supermarket brings new gossip about the currency’s drop and a swirl of speculation about who is to blame.

“Better buy now,” one rice seller advised Abbas Sharabi, a retired factory guard, who had decided to buy 900 pounds of Iran’s most basic staple in order to feed his extended family for a year.

“As I was gathering my money, the man received a phone call,” said Mr. Sharabi, smoking cigarette after cigarette on Thursday while waiting for a bus. “When he hung up he told me prices had just gone up by 10 percent. Of course I paid. God knows how much it will cost tomorrow.”

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But those dreams have been shattered. “We can’t even think of the future, of tomorrow, the day after, or the next week,” Maysam said. Foreign trips are out of the question, as even the price of a cup of coffee in Dubai, United Arab Emirates, or Istanbul — favorite destinations for Iranians — has tripled when calculated in rials. Parents of the legions of Iranians studying abroad are calling their children back to Iran, as rents and college fees in countries like the Philippines and Malaysia have become unaffordable.

“I have told my son to come home,” said Shabaz, 60, who is part owner of a printing house, adding that he had spent his life encouraging his son and daughter to study abroad. “We are all losing. His future is gone; I won’t ever witness his graduation; and he won’t find a job.”


http://www.nytimes.com/2012/10/05/world/middleeast/as-irans-currency-keeps-tumbling-anxiety-is-rising.html?hp