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The
new record low is increasing pressure on food prices and other
costs have been making daily life that much more challenging for
Iranians. Prices are up on meat, rice and other staples of the
Iranian dinner table.
Meanwhile, people worry about a new round of fighting between
Iran and Israel — as well as potentially the United States —
after June’s 12-day war.
Iran’s economy has been severely affected by international
sanctions, particularly after U.S. President Donald Trump
unilaterally withdrew America from Tehran’s nuclear deal with
world powers in 2018. At the time of the 2015 deal, which saw
Iran drastically limit its enrichment and stockpiling of uranium
in exchange for lifting of international sanctions, the rial
traded at 32,000 to the dollar.
After Trump returned to the White House for his second term in
January, he restarted his so-called “maximum pressure” campaign
targeting Tehran with sanctions. He again went after firms
trading Iranian crude oil, including those selling at a discount
in China.
In late September, the United Nations reimposed nuclear
sanctions on Iran via what diplomats referred to as its
“snapback” mechanism. Those sanctions again freeze Iranian
assets abroad, halt arms deals with Tehran and penalize any
development of Iran’s ballistic missile program, among other
measures.
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