Iranians have taken to the streets of Tehran this week in the biggest protests seen in the capital since 2012.
Thousands marched towards the gates of the Iranian parliament on Monday, forcing many traders to shut up shop. Police retaliated with tear gas, dispersing the crowds, but the protests continued yesterday and are spreading to other cities.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Donald Trump’s announcement last month that the US was withdrawing from the 2015 Iran nuclear deal has triggered a sharp decline in the value of the Iranian rial, which in turn has seen import costs skyrocket.
There were about 65,000 rials to $1 on Iran’s unofficial currency exchange market prior to Trump’s decision, compared with 90,000 rials as of Monday.
“People in the Middle Eastern nation have watched their savings dwindle,” says Sky News.
There are also fears that the threatened return to US sanctions will cut Iran’s earnings from oil experts, further damaging the already declining economy.
“We are all angry with the economic situation. We cannot continue our businesses like this,” a merchant in Tehran’s Grand Bazaar told Reuters.
President Hassan Rouhani insists his government will be able to withstand the rapid currency drop and any new US sanctions. The Iranian leader spoke out after the Central Bank of Iran announced that it will create a secondary market for foreign exchange to help get around a dollar shortage.
Yesterday Rouhani declared: “We are fighting against the United States, it wants to make an economic war. The US cannot defeat our nation; our enemies are not able to force us to their knees.”
But such reassurances have done little to calm many Iranians’ fears.
-
August 31 editorial cartoonsCartoons Sunday’s political cartoons include FEMA's new scheme, Gavin Newsom's antics, and a clue in the Epstein files
-
Disarming Hezbollah: Lebanon's risky missionTalking Point Iran-backed militia has brought 'nothing but war, division and misery', but rooting them out for good is a daunting and dangerous task
-
Woof! Britain's love affair with dogsThe Explainer The UK's canine population is booming. What does that mean for man's best friend?
-
China is silently expanding its influence in American citiesUnder the Radar New York City and San Francisco, among others, have reportedly been targeted
-
What will security guarantees for Ukraine look like?Today's Big Question From boots on the ground to economic sanctions, here are the measures that might stop Russia taking another bite out of Ukraine
-
Will Ukraine trade territory for peace?TODAY'S BIG QUESTION Kyiv’s defences are wearing thin but a land swap is constitutionally impossible and crosses Zelenskyy's red lines
-
Russia tries Ukraine land grab before Trump summitSpeed Read The incursion may be part of Putin's efforts to boost his bargaining position
-
Europe counters Putin ahead of Trump summitSpeed Read President Trump will meet with Russian President Vladimir Putin in Alaska this week for Ukraine peace talks
-
Is Trump's new peacemaking model working in DR Congo?Talking Point Truce brokered by the US president in June is holding, but foundations of a long-term peace have let to be laid
-
Who wins from a Trump-Putin meeting?Today's Big Question Trump might get the leaders together for a photo op but brokering a peace deal won’t be easy
-
How China uses 'dark fleets' to circumvent trade sanctionsThe Explainer The fleets are used to smuggle goods like oil and fish
