03202019Wed

Iran Economy in Recession Because of Us Sanctions

By Jubin Katiraie

The Iranian economy was expected to grow this year, but thanks to US sanctions, the International Monetary Fund (IMF) has said that the country has now entered a recession.

The IMF World Economic Outlook report, released on Monday, predicted that Iran’s economy will contract by 1.5% in 2018 and 3.5% in 2019.

IMF: Iran economy shrinking

Iran Focus

London, 9 Oct - The International Monetary Fund (IMF) has estimated that the Iranian economy fell into recession this year, thanks to renewed US sanctions, something that will only get worse next year.

The IMF released its World Economic Outlook late on October 8, which stated that Iran's oil-driven economy is expected to decrease by 1.5% this year, as a result of falling oil exports, something that will only continue to drop in 2019, leading to a shrinkage of 3.6% in the Iranian economy next year.

Iran rial rose in value, but experts are sceptical

Iran Focus

London, 4 Oct - The Iranian currency unexpectedly rose in value on Tuesday, following months of depreciation triggered by US sanctions, but caused overall by government corruption and mismanagement.

At one point, exchange shops in Tehran were offering one US dollar for 135,000 rials (compared with highs of 190,000 just the day before). This led many Iranians to rush to exchange their rials for dollars to beat the inevitable drop in value that will happen when further US sanctions are applied next month.

Iran economists say secondary forex market hurting the economy

Iran Focus

London, 5 Oct - Reports are surfacing the value of the Iranian rial is on the rise, after several months of declines, but that fifty Iranian economists are calling for Iran to end “the secondary forex market,” an arrangement that has “pushed millions of Iranians below the poverty line” and could lead to at least one million job losses.

In a letter to the heads of three branches of government, the economists explain that the creation of a secondary market has lifted control on the foreign exchange rates and brought 60% inflation.

SWIFT

Iran Focus

London, 28 Sep - At the United Nations this week, Iran President Hassan Rouhani refused to meet with President Trump. It appears that both Rouhani and his European backers are waiting to see if Trump will force the SWIFT financial-messaging service to disconnect Iranian banks in November. Without SWIFT, Europe’s plan to sidestep US sanctions will be more likely not to succeed.

US and European supporters of the Joint Comprehensive Plan of Action (JCPOA), released a think tank report a week before Trump withdrew from the Iran nuclear deal. The report outlined ways in which Europe could evade US sanctions by processing payments to Iran through European central banks. After Trump’s announcement of US withdrawal from the deal, the European Commission announced it would do exactly that.

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