Headlines around the world have been abuzz since Tuesday about the precarious state of Iran’s economy, after the market rate for the Islamic Republic’s currency, the rial, dropped over 10 percent in less than a day to its lowest level ever against the dollar.
The catalyst behind the sudden drop in Iran’s currency was a report by the semi-official Mehr News Agency, citing Iran’s Ambassador in the Emirate of Abu Dhabi as saying that Tehran’s Trade Promotion Organization would no longer allow registration for imports routed through Iran’s third-largest trading partner, the United Arab
