HYPERINFLATION: Iran's Currency Is In A State Of Total Collapse

10-01-2012 • http://www.businessinsider.com, Matthew Boesler

Earlier today, the rial was down 7 percent against the dollar, meaning it had lost a quarter of its value in just the past week.

However, it continued to drop throughout the day, losing more than 13 percent, according to the Jerusalem Post.

Israeli finance minister Yuval Steinitz said the Iranian economy is now "on the verge of collapse." Via The Guardian:

Israel's finance minister, Yuval Steinitz, said Iran's economy "is not collapsing, but it is on the verge of collapse". The loss of oil revenue would approach $45bn-$50bn (£28bn-£31bn) by the end of the year, he told Israel Radio. "The Iranians are in great economic difficulties as a result of the sanctions."

His comments followed the leak last week of an internal foreign ministry report, which said international sanctions were having a profound effect on Iran's economy and could be destabilising the government. But the measures had yet to persuade the regime to abandon its nuclear programme and, therefore, additional sanctions were needed.