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November 28, 2018 02:00 pm

The App Destroying Iran's Currency

Iranians are using the messaging app Telegram to spread fake news about the rial -- and make a profit for themselves. From a report: Iranian President Hassan Rouhani owes his re-election in large part to the messaging app Telegram. During Iran's 2017 presidential election, Iranians relied on the app as a rare source of uncensored news about the race, in which Rouhani was not the candidate most favored by hard-liners. Just one year later, Telegram may end up becoming Rouhani's downfall. The app is at the center of Iran's accelerating currency crash. The Iranian rial was generally acknowledged to have been on a stable path until May, when U.S. President Donald Trump exited the Iran nuclear deal. Prior to the U.S. withdrawal, one U.S. dollar was worth around 37,000 rials; immediately afterwards, a single dollar jumped to around 44,000 rials. The rial has continued to slump ever since, dropping to 50,000 to the dollar, and then 80,000 rials, and then 190,000 during Rouhani's speech at the United Nations General Assembly in September. Right now, it is at 120,500 rials. But it isn't just U.S. sanctions and the fundamental weaknesses of the Iranian economy that have contributed to Iran's currency freefall. It's also the deliberate circulation of rumors and fake news on Telegram by Iranian currency traders and middlemen out to make a profit.

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