The Rial Question: Will Currency Risk Erase the Upside in Iran?
Iran often looks cheap from the outside. Industrial assets may appear underpriced. Labor may look inexpensive in dollar terms. Listed companies may trade at modest valuations. Land, factories, warehouses, consumer businesses, and export-linked companies can seem mispriced compared with regional markets. But cheapness in Iran is never self-explanatory. The first question is not whether an…