Targeted with the biting sanctions of the United States and European Union over its nuclear program, Iran’s economy is experiencing difficult and breathtaking days. The import of vital goods, including medicine and foodstuff is being impeded, the energy, insurance, transportation and industrial companies are unable to smoothly do business with their foreign counterparts and their financial transactions have been obstructed and the price of goods increases on a daily basis.
Prof. Steve H. Hanke, Professor of Applied Economics at the Johns Hopkins University believes that Iran is facing hyperinflation, with a monthly inflation rate of nearly 70% per month and its national currency, rial, has lost its value against the U.S. dollar dramatically.
Prof. Hanke is an internationally renowned economist, who specializes in international economics with a particular focus on monetary policy. He is a Senior Fellow at the Cato Institute, co-director of the Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise, and a contributing editor at “Globe Asia magazine.” Prof. Hanke also serves on the Financial Advisory Council of the United Arab Emirates, as well as on the National Bank of Kuwait’s International Advisory Board.
He has provided consultation to several countries grappling with hyperinflation in the past decade. According to Prof. Hanke, Iran has three options to put an end to its shocking inflat… >>>