Life Support Arriving for Iranian Economy?
Economy News Blog, Kodoom.com
With the departure of Donald Trump, Iranian currency has gained against the US dollar and reversed its free fall, which happened throughout 2020 in part due to the pandemic and strict economic sanctions imposed by Trump. One US dollar is now trading in Tehran for around 25000 toomans, about 10% less than the levels it was trading just two months ago. Other help is on the way in terms of currency injection into the country as the outcome of the Iran's gradual rapprochement with the Biden Administration.
It appears that S. Korea has received the permission from the Biden Administration to release about $1 billion of its estimated $8 billion debt to Iran. Japan also plans to start paying back its debt (for oil imports) to Iran but partially by exporting COVID vaccines to Iran.
But not all news is good news. Iranian expats extracted an estimated $50 billion out of the country last year (more than the country's revenues from oil export). Iranian Parliament just authorized the government to apply for a $5 billion loan from Russia to cover part of the country's foreign currency shortages.
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