One of the reasons behind IMF’s gloomy picture of Iran’s economy is linked to the Trump administration’s decision not to extend its waiver for Iran’s eight biggest oil buyers; China, India, Greece, Italy, Taiwan, Japan, Turkey, and South Korea.
Iran’s national currency, the rial, also continues to lose value: it dropped to historic lows. One US dollar, which equaled approximately 35,000 rials in November 2017, now buys you nearly 110,000 rials.
On November 12, Iranian President Hassan Rouhani acknowledged for the first time that “Iran is experiencing one of its hardest years since the 1979 Islamic revolution” and that “the country’s situation is not normal.”
The critics of President Trump’s Iran policy have been proven wrong: the US sanctions are imposing significant pressure on the ruling mullahs of Iran and the ability to […]