Punjab, Sept. 30 -- Iran's rial has hit a record low of more than 2.5 million to the dollar - less than a month after the previous record. Tehran confirmed it has received Washington's reply to its seven-day Hormuz proposal, delivered through Qatari mediators.
The currency is the war
A currency at 2.5 million to the dollar, breaking its own record inside a month, is not a market judgement about monetary policy. It is a population converting savings into anything that is not the rial.
Two-hundred-plus days of war, a naval blockade and frozen assets abroad do that. The exchange rate is the most honest public indicator Iran produces, because it is the one number the state cannot manage.
The Hormuz exchange
Iran had offered to reopen the S...