Economy

Al-Monitor – Assessing the short- and long-term consequences of the US withdrawal from the Joint Comprehensive Plan of Action (JCPOA) for Iranian energy is crucial. In the short term, the impact will be rather modest in terms of oil exports. Iran may even stand to benefit from higher revenues, as seen in how crude prices have surged in past weeks …

VOA – Western news agencies say the Iranian rial has weakened significantly against the dollar in black market trading following the U.S. decision to exit the 2015 Iran nuclear deal.

Al-Monitor -In Iran, the housing sector — which accounts for a hefty 35% of all household expenses — has since 2011 been in the grip of its worst recession in recent history. Indeed, it was the only sector not to rebound after sanctions were lifted with the implementation of the Joint Comprehensive Plan of Action (JCPOA) in January 2016. But …

VOA —Some Iranians had been cashing in their savings even before U.S. President Donald Trump’s announcement he would pull out from the international nuclear deal with Iran, straining a banking system weighed down by bad loans and years of isolation. An official with Iran’s biggest state-owned Melli Bank told Reuters savings had declined by an unspecified amount, although he said …

Radiofarda – Iran’s currency rial continues its free fall reaching a historic low and bringing the country’s economy one step closer to collapse. Reports indicate that the U.S. dollar traded for more than 70,000 Rials on Monday May 7. It is almost double compared to a year ago.

RFL/RE – Oil prices surged to their highest levels since November 2014 as investors braced for U.S. President Donald Trump’s decision on whether to withdraw from Iran’s nuclear deal with world powers. Trump is due to announce his decision at 2 p.m. Washington time (eds 8 p.m. Prague time) on May 8, and most investors expect him to pull the …

Radiofarda – Despite government edicts and police pressure foreign currencies keep rising in Iran, as desperate travelers and others try to find U.S. dollars or euros on the black market.

Radiofarda – Newly arrived in the city of Tabriz in northwestern Iran, Corneilis Vamoorschot wanted to change his euros into rials, but quickly realized it wouldn’t be a simple task. “We wanted to change at the bank, but the banks accept neither euros or dollars. We came to the foreign exchange bureau, but they had no money,” said the Dutch …

Radiofarda – Iran’s national currency, the rial, continues its downward spiral, and is approaching 60,000 rials to the dollar.

Al-Monitor – On April 10, Iranian authorities announced a policy of unification of exchange rates — a move that has generated confusion, especially among those economic players who relied on the country’s free currency market. The fact is that the newly unified rate of 42,000 rials to the US dollar is not yet widely available. At best, it is only …