By Xander Snyder
Things in Iran seem to be going from bad to worse. Protests have broken out again, this time centered in the capital, Tehran, as the Iranian currency plummets in value. Thousands of people, including traders in Tehran’s Grand Bazaar, participated in the protests, which started June 24. According to the BBC, they are the largest protests in the country since 2012, when economic sanctions degraded the economy and galvanized the public to action. The Iranian economy, however, rebounded after the nuclear agreement in 2015 lifted the sanctions, and Iran re-entered the global economy. The U.S. withdrawal from the deal, and fears that it will lead to a total collapse of the agreement, is at least partly responsible for the rial’s decline.
The rial is currently worth 90,000 rials to the dollar, a sharp fall from roughly 43,000 to the dollar at the end of 2017. And its decline has had a real impact on businesses that rely on imports, which become more expensive when a