Barely over a month after economic grievances, mainly among the working class, sparked deadly protests across the country, fluctuations in the value of the Iranian currency — the rial — have generated grave disappointment with another key constituency. This time, the grievance chiefly stems from the pillar of President Hassan Rouhani’s voter base — namely, the middle class, which has been pinning its hopes and pursuit of greater freedoms on the ballot box.
Since last summer, the rial has dramatically lost value, reaching all-time lows against the euro and the dollar on Feb. 4 and Feb. 13, respectively. After a crackdown on speculators and the Central Bank of Iran’s (CBI) announcement of measures to absorb liquidity on Feb. 15, the rial has posted considerable gains, currently trading for some 44,800 against the greenback, up from a low of 50,000. Yet these fluctuations have been a cause of serious concern for many, including young Iranians who seek to study abroad.
