In September 1992, known as “Black Wednesday,” Scott Bessent struck the Bank of England in his first major currency operation

In September 1992, known as “Black Wednesday,” Scott Bessent struck the Bank of England in his first major currency operation. He is now the U.S. Treasury Secretary and is leading a new operation against the economy of the Islamic Republic, which he has named “economic exile” and called it the harshest sanctions in history.

In this episode of “Abacus,” Mohammad Mashinchian reviews Besant’s currency wars to examine what the “economic exile” operation targets, how it differs from previous sanctions, and how currency suffocation in Iran is carried out.