An Iranian man counts banknotes after exchanging a gold coin for cash in Tehran on Monday. Gold coins were being exchanged for over 10 million rials as the Iranian currency continues to lose value against the U.S. dollar.
Credit Atta Kenare / AFP/Getty Images
The value of Iran's currency — which had been sliding steadily for months — took another plunge this week. Faced with new economic sanctions from the U.S. and Europe, the rial now seems to be in free fall.
But at least part of the dive could be linked to currency manipulation by the government itself in an effort to fund candidates in upcoming elections.
In images posted on the Internet, hundreds of Iranians are seen gathered outside the headquarters of the Bank Melli in Tehran Monday. They wanted to buy dollars, but there were no dollars to be had.
Originally published on Wed January 25, 2012 3:37 pm
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In a daring raid reminiscent of the kind used to kill Osama bin Laden, U.S. Navy SEALs swooped into Somalia Wednesday morning and rescued two aid workers, who had been held by pirates for months.
The New York Times reports the soldiers came in by helicopter and engaged in a firefight that killed nine pirates. The SEALs left with Jessica Buchanan, a 32-year-old American, and a 60-year-old Dane, Poul Thisted, who were injury free and on their way home.
Fishing boats are seen in front of oil tankers on the Persian Gulf waters, south of the Strait of Hormuz. The European Union has announced plans to join U.S. efforts to slow the flow of oil from Iran, the world's third largest exporter.
In an effort to bring Iran to the negotiating table over its nuclear program through economic pain, both the U.S. and the European Union have imposed sanctions that should make it harder for Iran to sell its oil. But the global oil business is unpredictable, and sanctions are no guarantee.