Multiple protests in Iran over currency drop, economic woes

06 August, 2018, 10:13 | Author: Donnie King
  • The Iranian rial has lost nearly two-thirds of its value since the start of the year

Global sanctions were lifted under the pact between world powers and Tehran in return for curbs on Iran's nuclear programme.

Trump's policies are already putting significant pressure on the Iranian economy, although USA intelligence suggests they may ultimately rally Iranians against the United States and strengthen Iran's hardline rulers, officials say.

Trump's move to scupper the nuclear accord in May was widely condemned by co-signatories to the deal, including USA allies like Germany and France who continue to seek pathways by which they can continue pursuing trade relations with Tehran, in spite of the new sanctions.

He says the Trump administration is open to moving forward with Tehran but that would "require enormous change on the part of the Iranian regime".

The White House will make an announcement on Monday detailing the reimposition of US sanctions on Iran that President Donald Trump has ordered for this week, Secretary of State Mike Pompeo said on Sunday.

In short, Trump withdrew from the Iran deal, likely imposed tremendous cost and stress on Tehran's economy, and Iran has responded by staying in the deal and trying to portray itself as a good actor worthy of the world's support against United States hegemony.




If the new Iranian cryptocurrency manages to gain support from Iran's would-be trading partners, we could see Tehran gain a powerful new asset in its fight to fend off the politicized economic war being waged by the Trump administration on the people and government of the Iranian nation.

Last month, the U.S. rejected an European Union appeal to allow exemptions to the sanctions regime. Iranian oil sales are a crucial source of hard currency.

Even the temptation of President Trump's offer of unconditional negotiations with Tehran was officially left unanswered, as the two major factions in the regime struggle for power.

The U.S. military's Central Command on Wednesday confirmed it has seen an increase in Iranian naval activity, including in the Strait of Hormuz, a strategic waterway that Iran's Revolutionary Guards have threatened to block. Protesters in the Iranian capital swarmed its historic Grand Bazaar on Monday, news agencies reported, and forced shopkeepers to close their stalls in apparent anger over the Islamic Republic's troubled economy, months after similar demonstrations rocked the country. Sanctions on trade in Iranian metals and automobiles go back into effect Monday. In August and November Iran faces two new waves of sanctions that will shut off their access to U.S. banking and oil exports.

He later said in a message on Twitter that the United States was "deeply concerned about reports of Iranian regime's violence against unarmed citizens" and urged respect for human rights.

A handout picture provided by the Iranian presidency shows Iranian president Hassan Rouhani during a meeting in Tehran on July 14, 2018.

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