US sanctions failed to force Iran to buckle: Report

A report in Bloomberg, a leading global economic and business website, says Iran is successfully weathering an economic crisis caused by massive US sanctions thanks to reforms in the currency market and other measures.

The report published Tuesday said Iran was showing no sign of retreat in the face of American sanctions that came last year after Washington withdraw from an international agreement on Iran’s nuclear program.

“So far, Tehran is hunkering down rather than buckling to US pressure to change its foreign policy … and renegotiate the 2015 nuclear accord abandoned by President Donald Trump,” said the report, adding that all these have come despite visible impacts of the American sanctions on the Iranian economy.

The report by Paul Wallace further elaborated on measures taken by Tehran to offset the impacts of the sanctions, including plans for reform of the national currency rial and launching a system to manage the currency market which seeks to prevent profiteering and corruption as much as possible.

The report said the measures have succeeded in bolstering the rial on the unregulated market. It cited Steve H. Hanke, a professor of applied economics at Johns Hopkins University, as reckoning that government efforts succeeded in slowing inflation to 24% by early August from its peak of 400% last year.

“The plan has succeeded in bolstering the rial on the unregulated market … That has helped slow inflation,” said Wallace.

It also touched upon an ongoing plan by the Iranian government to slash four zeros off rial, saying the redenomination would help the Iranians to have a better perception of their economy at the current difficult times.

Source Article from–US-sanctions-failure-Bloomberg-report

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