The Iranian rial feels the stress from the constant tension between Washington and Tehran in sessions. The Trump Administration is one, if not the most stressful, hit taken by Iran and rial.
Before the current heat between the two giants, the rial has significantly suffered due to the crippling tariffs and sanctions. The head of Washington has enforced severe sanctions on its currency and Iran’s oil sector.
The value of the Iranian rial has plummeted, and the country’s banking industry has been in deep waters.
Iranian President Hassan Rouhani said before that the problem given by the US costed the nation about $200 billion. Tehran has misplaced practically an estimate of 90% of its oil exports as its vital income.
The crippling sanctions have wreaked havoc in the country even though it exempted essential needs. The country is still facing a widespread shortage of food, drugs, and other necessities.
And where did this all start? It started when US President Donald Trump withdrew and deserted a unilateral deal with Tehran. The 45th president of the United States claimed that the agreement was only one-sided and was horrible.
Iran Trying to Resist
The Islamic Republic of Iran has responded to Trump’s measures with “strategic persistence,” as what they say. The country has been convincing European lawmakers to make up for the impact of the devastating US sanctions.
French President Emmanuel Macron previously tried to calm the tension between the two powerhouses. The president of France proposed a $15 billion credit score line for Tehran in exchange for its full cooperation with the JCPOA.
Macron also welcomed Iranian Overseas Minister Mohammad Javid Zarif to the G7 assembly last August. He even tried to engineer a plan to reach out to Trump and Rouhani at the UN Normal meeting before.
Unfortunately, the situation between Washington and Tehran still looks dire as the dynamics don’t shift in favour of both.