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Standard Chartered's Geoffrey Kendrick predicts…

Hyperinflation Hits Iran: The Sanctions are Working

The oil embargo against Iran has worked, assuming one defines "work" as a destruction of the Iranian rial which has fallen 33% in a week, 57% in three months and 75% in a year vs. the US dollar.

On Wednesday, the Tehran bazaar closed in turmoil and police used teargas and batons on demonstrators protesting the currency crisis.

Please consider:  Iran currency crisis sparks Tehran street clashes

Hundreds of demonstrators in the Iranian capital clashed with riot police on Wednesday, during protests against the crisis over the country's currency. Police used batons and teargas to try to disperse the crowds.

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