Economy

Radiofarda – Iran, creaking under the impact of U.S. sanctions, a collapse in oil sales and a severe COVID-19 epidemic, is scrambling to buy food and medicine to avoid a supply crunch. But it’s a struggle. Despite such supplies being exempt from sanctions, banks and governments are reluctant to transfer or take Iranian money because they fear unwittingly breaching the …

Radiofarda – The U.S. dollar has started rising again since Saturday in Iran after a central bank intervention last week briefly strengthened the Iranian currency. The Central Bank of Iran (CBI) injected about $1 billion into the local exchange market from July 18 to 23. The dollar which had risen to 260,000 rials dropped to 210,000 last week. However, from …

Radiofarda – In a new report published on July 28, the Iranian Parliament’s Research Center (MRC) has said that U.S. sections are expected to remain in effect in mid and even long terms, and longstanding strategies to cope with them are required. “The United States’ sanctions target the key sectors of the Iranian economy earning foreign currency for the country, …

RFL/RE – Amid crushing economic conditions, demonstrations and strikes by workers have sprung up in Iran recently over unpaid wages and poor working conditions.Factory and city employees, coal miners, as well as health-care workers are among those who have been protesting in Iran in recent weeks.Many say they have not received their wages for months while others have complained about …

atlanticcouncil.org – On June 28, President Hassan Rouhani, referring to US sanctions and the coronavirus outbreak, explained the state of the Iranian economy in simple words: “The economic pressure began in 2018 and today we are facing the most immense economic pressure.” On July 8, Health Minister Saeed Namaki provided a clearer picture. The reopening of the economy “was not over our …

Radiofarda – In a message to commemorate the fortieth anniversary of his father’s death Iran’s exiled Prince Reza Pahlavi has referred to the tears his father shed before leaving the country. FILE – In this Jan. 16, 1979 file picture, Shah Mohammad Reza Pahlavi and Empress Farah walk on the tarmac at Mehrabad Airport in Tehran to board a plane …

Radiofarda – Iran’s former Queen Farah Pahlavi in a statement, issued on the 40th anniversary of her husband’s death, says Iran has turned into a “poor, needy and hungry” country after forty years of “misconduct, mismanagement and corruption” by the Islamic Republic. The last king of Iran, Mohammad Reza Shah Pahlavi died in 1980 after being overthrown by revolutionaries in …

RFL/RE – A provocative street protest in southwestern Iran last week that was critical of the Islamic establishment has many predicting more demonstrations are coming amid the country’s faltering economy and anger over the handling of the coronavirus pandemic.People in the city of Behbahan chanted anti-government slogans including “Mullah’s regime, we don’t want it!” before the July 16 protest was …

Al-Monitor – The currency exchange market in Iran is experiencing another volatility cycle with the Iranian rial (IRR), losing its value repetitively against foreign currency. The volatility cycles have become a frequent event in Iran’s economy, and no one finds them surprising. However, the government’s response to the increased ambiguity and volatility cycles remains the same. The Iranian authorities and policymakers …

Radiofarda – President Hassan Rouhani’s Chief of Staff announced July 21 the “release of blocked Iranian financial assets” in some countries and maintained that these resources would be used for international payments. The official government news website, IRNA, cited Mahmoud Vaezi as saying, “The released assets will be used for addressing the concerns and problems of importers.” In other words, …