![A money changer displays U.S. and Iranian banknotes at the Grand Bazaar in central Tehran October 7, 2015. REUTERS/Raheb Homavandi/TIMA ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. REUTERS IS UNABLE TO INDEPENDENTLY VERIFY THE AUTHENTICITY, CONTENT, LOCATION OR DATE OF THIS IMAGE. FOR EDITORIAL USE ONLY. NOT FOR SALE FOR MARKETING OR ADVERTISING CAMPAIGNS. NO THIRD PARTY SALES. NOT FOR USE BY REUTERS THIRD PARTY DISTRIBUTORS. THIS PICTURE IS DISTRIBUTED EXACTLY AS RECEIVED BY REUTERS, AS](/sites/default/files/styles/article_header/public/almpics/2019/06/RTS3F3J.jpg/RTS3F3J.jpg?h=1d34674f&itok=xqYWI7gE)
Navid Kalhor is an expert on Iran’s financial markets and has worked as a trader and analyst at the Iran Mercantile Exchange and the Tehran Stock Exchange.
![A money changer displays U.S. and Iranian banknotes at the Grand Bazaar in central Tehran October 7, 2015. REUTERS/Raheb Homavandi/TIMA ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. REUTERS IS UNABLE TO INDEPENDENTLY VERIFY THE AUTHENTICITY, CONTENT, LOCATION OR DATE OF THIS IMAGE. FOR EDITORIAL USE ONLY. NOT FOR SALE FOR MARKETING OR ADVERTISING CAMPAIGNS. NO THIRD PARTY SALES. NOT FOR USE BY REUTERS THIRD PARTY DISTRIBUTORS. THIS PICTURE IS DISTRIBUTED EXACTLY AS RECEIVED BY REUTERS, AS](/sites/default/files/styles/article_header/public/almpics/2019/06/RTS3F3J.jpg/RTS3F3J.jpg?h=1d34674f&itok=xqYWI7gE)
![Iranian investors monitor an electronic board at the Tehran Stock Exchange, Iran, January 17, 2016. REUTERS/Raheb Homavandi/TIMA ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. FOR EDITORIAL USE ONLY. - GF20000097697](/sites/default/files/styles/article_header/public/almpics/2019/04/RTX22Q70.jpg/RTX22Q70.jpg?h=a5ae579a&itok=3l9DvtvR)
![Navid Kalhor](https://www.al-monitor.com/sites/default/files/styles/large/public/authors/2016/navid%20kalhor.jpg/navid%20kalhor.jpg?h=55541bb6&itok=z2ZehjTo)
Navid Kalhor
![A storekeeper places money in the drawer of the cash register at his shop in Tehran May 4, 2008. With Western banks cutting ties with the Islamic Republic, it is becoming more and more difficult to transfer funds to the country of 70 million people. Tehran's increasing financial isolation is forcing some to bring in money by hand in thick wads of $100 bills on the plane from Dubai, the Gulf's financial centre, or elsewhere. REUTERS/Morteza Nikoubazl (IRAN) - GM1E4580O5Y01](/sites/default/files/styles/article_header/public/almpics/2019/03/RTX5GRN.jpg/RTX5GRN.jpg?h=a5ae579a&itok=AcW8P0dA)
![Navid Kalhor](https://www.al-monitor.com/sites/default/files/styles/large/public/authors/2016/navid%20kalhor.jpg/navid%20kalhor.jpg?h=55541bb6&itok=z2ZehjTo)
Navid Kalhor
![A man counts stacks of Iranian rials at a currency exchange shop in Kerbala , 110 km (70 miles) south of Baghdad January 23, 2013. Traders and owners of hotels in the holy city of Kerbala complain of sluggish business and a drop in Iranian pilgrims as a result of a sharp fall in the Iranian rial caused by a package of international sanctions imposed on the neighbouring country. REUTERS/Mushtaq Muhammed (IRAQ - Tags: SOCIETY BUSINESS) - GM1E91N1RPN01](/sites/default/files/styles/article_header/public/almpics/2019/01/RTR3CUEH.jpg/RTR3CUEH.jpg?h=a3eba8cf&itok=BRoDsFGd)
![Navid Kalhor](https://www.al-monitor.com/sites/default/files/styles/large/public/authors/2016/navid%20kalhor.jpg/navid%20kalhor.jpg?h=55541bb6&itok=z2ZehjTo)
Navid Kalhor
![EDITORS' NOTE: Reuters and other foreign media are subject to Iranian restrictions on their ability to film or take pictures in Tehran.
The front of the National Iranian Oil Refining and Distribution Company building is seen in Tehran November 17, 2009. Iran temporarily boosted gasoline production by about 30 percent on Tuesday to show the West it can cope with any sanctions targeting its fuel imports. REUTERS/Morteza Nikoubazl (IRAN POLITICS ENERGY BUSINESS) - GM1E5BH1FIK01](/sites/default/files/styles/article_header/public/almpics/2019/01/RTXQTQX.jpg/RTXQTQX.jpg?h=a5ae579a&itok=dyjiscU7)
![Navid Kalhor](https://www.al-monitor.com/sites/default/files/styles/large/public/authors/2016/navid%20kalhor.jpg/navid%20kalhor.jpg?h=55541bb6&itok=z2ZehjTo)
Navid Kalhor
![Iranians fill up their cars with fuel at a petrol station in Tehran, Iran, January 25, 2016. REUTERS/Raheb Homavandi/TIMA ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. FOR EDITORIAL USE ONLY. - GF20000106419](/sites/default/files/styles/article_header/public/almpics/2018/12/RTX23WBZ.jpg/RTX23WBZ.jpg?h=a5ae579a&itok=AeO7B6cj)
![Navid Kalhor](https://www.al-monitor.com/sites/default/files/styles/large/public/authors/2016/navid%20kalhor.jpg/navid%20kalhor.jpg?h=55541bb6&itok=z2ZehjTo)
Navid Kalhor
![Iranian investors monitor an electronic board at the Tehran Stock Exchange, Iran, January 17, 2016. REUTERS/Raheb Homavandi/TIMA ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. FOR EDITORIAL USE ONLY. - GF20000097697](/sites/default/files/styles/article_header/public/almpics/2018/10/RTX22Q70.jpg/RTX22Q70.jpg?h=a5ae579a&itok=qU6TZnTZ)
![Navid Kalhor](https://www.al-monitor.com/sites/default/files/styles/large/public/authors/2016/navid%20kalhor.jpg/navid%20kalhor.jpg?h=55541bb6&itok=z2ZehjTo)
Navid Kalhor
![Iranian rials are seen at a currency exchange shop in Baghdad, Iraq August 8, 2018. REUTERS/Khalid Al-Mousily - RC17F50AED10](/sites/default/files/styles/article_header/public/almpics/2018/09/RTS1WKGF.jpg/RTS1WKGF.jpg?h=a5ae579a&itok=M9l7QNmw)
![Navid Kalhor](https://www.al-monitor.com/sites/default/files/styles/large/public/authors/2016/navid%20kalhor.jpg/navid%20kalhor.jpg?h=55541bb6&itok=z2ZehjTo)
Navid Kalhor
![RTR2T7ZM.jpg](/sites/default/files/styles/article_header/public/almpics/2018/06/RTR2T7ZM.jpg/RTR2T7ZM.jpg?h=a5ae579a&itok=GLLTjYLa)
![Navid Kalhor](https://www.al-monitor.com/sites/default/files/styles/large/public/authors/2016/navid%20kalhor.jpg/navid%20kalhor.jpg?h=55541bb6&itok=z2ZehjTo)
Navid Kalhor
![GettyImages-944116570.jpg](/sites/default/files/styles/article_header/public/almpics/2018/04/GettyImages-944116570.jpg/GettyImages-944116570.jpg?h=a5ae579a&itok=Wk0Vlef8)
![Navid Kalhor](https://www.al-monitor.com/sites/default/files/styles/large/public/authors/2016/navid%20kalhor.jpg/navid%20kalhor.jpg?h=55541bb6&itok=z2ZehjTo)
Navid Kalhor
![TO GO WITH AFP STORY BY ARESU EQBALI Iranian temporary manual workers wait for work in Tehran on March 11, 2008. High inflation, unemployment, slack monetary policy and a lack of foreign investment: Iran is suffering from a litany of economic problems ahead of legislative elections on March 14. But despite windfall revenues from high oil prices, this has yet to be felt by millions of low and middle-earners who are finding their real incomes dwindling further due to inflation that has reached 17.8 percent.](/sites/default/files/styles/article_header/public/almpics/2018/03/GettyImages-80195869.jpg/GettyImages-80195869.jpg?h=a5ae579a&itok=DiA2cnbA)
![Navid Kalhor](https://www.al-monitor.com/sites/default/files/styles/large/public/authors/2016/navid%20kalhor.jpg/navid%20kalhor.jpg?h=55541bb6&itok=z2ZehjTo)
Navid Kalhor
![An Iranian man counts banknotes after exchanging a gold coin for cash in Tehran on January 23, 2012. Gold coins were being exchanged for over 10,000,000 rials as the Iranian currency continued to lose value against the US dollar. Top European Union diplomats are meeting in Brussels to tighten existing sanctions on Iran by banning imports of Iranian crude as well as targeting finance, petrochemicals and gold to pressure the country. AFP PHOTO/ATTA KENARE (Photo credit should read ATTA KENARE/AFP/Getty Images](/sites/default/files/styles/article_header/public/almpics/2018/03/GettyImages-137589310.jpg/GettyImages-137589310.jpg?h=a5ae579a&itok=2GZKC3X4)
![Navid Kalhor](https://www.al-monitor.com/sites/default/files/styles/large/public/authors/2016/navid%20kalhor.jpg/navid%20kalhor.jpg?h=55541bb6&itok=z2ZehjTo)
Navid Kalhor