When it comes to inflation, the Iranian authorities are producing lying statistics. The official annual inflation rate is 7.9%. My measurement, which is based on Purchasing Power Parity (PPP) is 95.8%. That’s over 12 times higher than the official lie.
The Grim Reaper has taken his scythe to the Iranian rial. The economy is more vulnerable to both internal and external shocks than ever. That vulnerability will become more apparent in the face of President Trump’s tearing up of the Joint Comprehensive Plan of Action (JCPOA), and the laying on of more primary and secondary sanctions against Iran.
Today, Latvia’s ABLV Bank—its third largest, and largest private bank—announced that it had received approval from the Council of Financial and Capital Market Commission (FCMC) to liquidate, and that the Bank was proceeding with the process of liquidation.