For Iranian businesses, most foreign trades, if not all, are based on dollars. AFP / ATTA KENARE
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
A slump in the value of Iran's rial currency amid a tense standoff with the U.S. has triggered a chain of events that's paralyzed money markets and businesses.The U.S. will decide by May 12 whether to stay in the 2015 nuclear accord that underpins many of Iran's economic hopes, or possibly wreck it by leaving.According to an April 14 report on state media, the central bank then halted its supply of foreign currency "for the time being," while also banning exchange houses from carrying out cash transfers abroad through the popular havaleh system, known elsewhere as hawala.Officials have publicly mulled possible responses to a U.S. pullout, including restoring its mothballed uranium enrichment or quitting the nuclear Non-Proliferation Treaty.They have also begun a so far largely symbolic effort to reduce the importance of the dollar in Iran's oil-dominated economy by announcing plans to switch to the euro for official accounting.For Iranian businesses, most foreign trades, if not all, are based on dollars.Some in Europe share Trump's concerns over issues like Iran's ballistic missile program, but argue the world is safer with the deal than without it.Iran is opposed to any renegotiation of the deal.
FOLLOW THIS ARTICLE