iran vs us confrontation, page-10

At the moment the Iranian economy is disintegrating, the local currency plunging by the hour.

Last Monday the rial declined 12% against the USD and is down 60% in the last 3 months, Iranians are queueing outside banks to buy USD and other foreign currencies.

One news agency quoted President Mahmoud Ahmadinejad as saying his administration will do anything to save the local currency from plunging further saying this is possible with the 'huge reserves' of hard currency Iran has.

Iran has 320 tonnes of gold so I guess we'll see it on the auction block fairly soon.