Inflation helps drive Iranians to dollars and gold, government warns citizens to stop

Iranians are scrambling to protect their life savings by buying dollars and gold. Iran’s inflation rate has risen from 8.8%, a 25-year low, to 19.1% last month. The rush out of the Iranian rial has become so bad, the government has asked its citizens to stop buying dollars and gold. The government has warned that foreign exchange rates will fall and gold prices will soon drop: “…those who buy them at high prices should not complain later on.”

For more details see “Government asks Iranians to stop buying dollars” (CNBC, November 19, 2011).

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