Iran's currency plunges below 1M against dollar as E3 triggers snapback sanctions
Iran's struggles with inflation and the depreciation of the rial could be compounded by Europe reimposing sanctions over the nuclear issue.
Iran’s currency fell close to its record low against the dollar on Thursday as three European states triggered snapback sanctions against the Islamic Republic.
As per the 2015 nuclear deal, the United Kingdom, France and Germany are able to reimpose the sanctions if they deem Iran is not in compliance. The snapback sanctions include a conventional arms embargo, a ban on producing nuclear-related technology, restrictions on ballistic missile and other measures.
Iran’s economy, already subject to significant US sanctions, is facing a number of challenges as the sanctions return, including persistent inflation, the devaluation of the currency and major water and energy crises.
Currency
