The Iranian government’s risky stock market bet
Following the outbreak of the COVID-19 pandemic, the Tehran Stock Exchange (TSE) took a different path than the rest of the financial world. As markets around the globe plunged, the TSE soared to new heights. There has been a recent reversal, however, with the index falling sharply from its peak in early August and losing around 20 percent of its value over the course of a month. The story of the TSE is about the extreme measures a desperate government is willing to take to make ends meet.