The Fall in the Value of the Iranian Rial

The Black-Market IRR/USD Exchange Rate

10,000

15,000

IRR/USD Exchange Rates (y-axis inverted)

20,000

25,000

30,000

35,000

Black-Market IRR/USD Exchange Rate Official Exchange Rate

Non-Reference Exchange Rate

40,000 Nov-12 May-12 Dec-12 May-13 Apr-12 Apr-13 Oct-12 Jun-12 Mar-12 Mar-13 Aug-12 Jun-13 Jan-12 Jan-13 Aug-13 Feb-12 Sep-12 Feb-13 Jul-12 Jul-13

Sources: Central Bank of Iran, and Eranico. Prepared by: Prof. Steve H. Hanke, The Johns Hopkins University. Note: For purposes of illustrating the declining value of the Iranian rial, relative to the U.S. dollar, the y-axis is inverted.