A currency crisis is one of the most destabilising developments that can afflict a modern society. It reflects failing confidence in the government even as it undermines the basic functioning of the state. Those who can, move abroad or exchange their local cash and other assets for something safer. Those without such options take to the streets – with unforeseeable consequences. This is why the precipitate fall in the value of the rial is of a different order from Iran's many other recent tribulations.
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