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The Economic Sanctions and the Iranian Exchange Rate Crisis of September–December 2012

Abdol Soofi () and Seyed Shamseddin Hosseini

Journal of Economic Issues, 2020, vol. 54, issue 4, 1122-1138

Abstract: The signing of the “Iran Threat Reduction and Syria Human Rights Act of 2012” by President Barak Obama on August 17, 2012 resulted in a massive depreciation of the Iranian currency, the rial, by December 2012. The news of new sanctions on the petroleum and financial sectors of the Iranian economy was taken as a “Sudden Stop” in capital inflow into the country and was a “displacement,” which led to the currency crisis.In this article #within the framework of the Minsky's theory of financial fragility of the market economies #we discuss the details of the currency crisis after the imposition of economic sanctions against Iranian petroleum and banking sectors #and the Iranian government's anti-speculative and stabilization policies. The article adds to our stock of knowledge of the occurrence currency crisis despite substantial foreign reserves holding of the Iranian banking system.

Date: 2020
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DOI: 10.1080/00213624.2020.1829913

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Handle: RePEc:mes:jeciss:v:54:y:2020:i:4:p:1122-1138