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Six charts showing how difficult US sanctions have hit Iran




  Iranians walk past a foreign trade store in Tehran on April 22, 2019 Image copyright
AFP

Caption

The value of Iran's currency has hit the record run in recent months

Six months of exemptions from US sanctions for countries still buying oil from Iran were closed on Thursday.

President Donald Trump resigned the sanctions last year after leaving a hallmark nuclear event he wants to renegotiate.

Iranian leaders have remained defiant in terms of sanctions and promised to overcome them, but the significant impact they have had in the country is evident.

Sliding towards a deep setback

Iran's economy was heavily influenced for several years by sanctions imposed by the international community over its nuclear program.

In 201[ads1]5, President Hassan Rouhani agreed on an agreement with the United States and five other world powers to limit Iranian nuclear activities as opposed to lifting these sanctions.

  Chart showing Iran's economic growth rate

The following year, after the agreement was concluded, Iran's economy jumped back and GDP grew 12.3%, according to Iran's central bank.

But much of this growth was attributed to the oil and gas industry, and the recovery of other sectors was not as great as many Iranians had hoped.

Growth fell back to 3.7% in 2017, helping to fuel the economic dissatisfaction that led to the largest anti-government protests in Iran for nearly a decade in December.

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Media filter The BBC's James Landale went to Tehran's Grand Bazaar, see what people think about the strict sanctions

Resetting US sanctions last year – especially those imposed on energy , the shipping and finance sector in November – caused foreign investments to dry up and hit oil exports.

The sanctions bore US companies from trading with Iran, but also with foreign companies or countries dealing with Iran.

As a result, Iraq's GDP was 3.9% in 2018, according to estimates from the International Monetary Fund (IMF).

At the end of April, the IMF said it expected the Iranian economy to shrink by 6% in 2019. However, the projection meant that sanctions had expired.

  • Has Iran's economy benefited from nuclear power?

Oil exports are more than halved

  Diagram showing Iranian oil production

  Presentation white space

At the beginning of 2018, Iran's crude oil production reached 3.8 million barrels per day (bpd), according to data gathered by the organization of the petroleum exporting countries (OPEC). The country exported about 2.3 million bpd.

Most of the oil was bought by eight countries or territories that were given six months' absence at the United States when sanctions on the Iranian energy sector came into force – China, India, Japan, South Korea, Taiwan, Turkey, Greece and Italy [19659028] Image showing an Iranian tanker anchored on a platform of the oil plant on Iran's Khark Island, in the Gulf (March 12, 2017) ” src=”https://ichef.bbci.co.uk/news/320/cpsprodpb/1761F/production/_106757759_23032d27-1154-40ec-9330-974ffce58067.jpg” width=”976″ height=”549″/> Image database
AFP

Caption

In March, Iran's oil exports had fallen to On average, 1.1 million barrels per day

As long as these countries cut Iranian oil purchases over this period, their banks were allowed to continue carrying out transactions for any purpose with Iran's central bank or with other Iranian banks without risking US penalties.

By In March 2019, Iran's oil exports had fallen to an average of 1.1 million bpd, according to consulting firm SVB Energy International. Taiwan, Greece and Italy had stopped imports altogether, while the two largest buyers – China and India – had reduced them by 39% and 47%, respectively. An American official estimates that Iran's government had lost over $ 10 billion in revenue as a result.

  Diagram Showing Iran's Oil Export

  White Room Presentation

President Trump declared that he "intended to bring Iran's oil exports to zero" when he decided to allow the SRE deviations to expire on May 2.

However, China has insisted that trade with Iran is completely legal and that the United States does not have jurisdiction to interfere. Turkey has said it cannot cut ties with neighbor.

Iran can also export oil to meet humanitarian needs, and could be able to avoid sanctions by exporting oil hidden – which analysts suspect is already doing.

  • Is it becoming more expensive to fill my car?

The value of the rial has diminished

  Image showing a man exchanging Iranian rials for US dollars in Tehran, Iran (August 8, 2018) Image database
AFP

Caption

Currency traders were offering 143,000 rials to US dollars at the end of April

President Rouhani kept the Iranian currency stable for almost four years. But it has lost nearly 60% of its value against the US dollar in the unofficial market since US sanctions were restored, according to currency pages.

The fixed official price of 42,000 rials to the dollar is used for a limited range of transactions, so most Iranians rely on currency traders. Bonbast.com reported that traders offer 143,000 dollars to the dollar on April 30.

  Diagram showing the value of Iranian rial against US dollars

Rial's slide has been attributed to Iran's economic problems and high demand for foreign currency among ordinary Iranians who have seen the value of their savings rested and worried that the situation will be worse.

The Rial has recovered some of its value since September 2018 when Iran's central bank released several dollars to the market and government burst into currency traders as prices reached a record low of 190,000 to dollar.

Iran's currency desire has also led to a shortage of imported goods and products made with foreign ingredients, especially baby diapers. [19659022] Which babies diapers tell us about Iran's financial honor

Wage costs have risen dramatically

  An Iranian woman buys meat for the butcher shop in Tehran (February 12, 2019) I mage copyright
Anadolu Agency

] Image caption

In the past year, the cost of red meat and poultry has increased by 57%

President Rouhani managed to get inflation at 9% in 2017. But the IMF estimates it rose to 31% by 2018 and predicts it could reach 37% or more this year if oil exports continue to fall.

The preservation value of the rial has not only affected the prices of imported goods, but also of locally produced staples. Over the past 12 months, the cost of red meat and poultry has increased by 57%, milk, cheese and eggs by 37% and vegetables by 47%, according to Iran's statistical center.

  Chart showing annual inflation rate in Iran

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The price increases have led to long queues on state-supported grocery stores, especially for roasted meat. In an effort to lower prices, the government has banned the export of livestock, flown in hundreds of thousands of cows and sheep from abroad. But analysts say Iranian farmers are selling meat in neighboring countries to get foreign hard currency.

There is also a plan to introduce electronic coupons to help the poorest get meat and other important goods. An estimated 3% of Iranians – about 2.4 million people – live on less than $ 1.90 per day in 2016.

  Chart showing average annual household income in Iran

The poor have also been hit hard by nearly 20% increase in housing and medical expenses in the past year.

The IMF's Jihad Azour told Reuters news agency last week that Iran could help clear inflation by striving to eliminate the gap between the official's and the official's unofficial exchange rates.

  • Iranians describe the effect of US sanctions

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