10/21/2013
Over the past years, Iran has been in a scrutinizing economical situation, hurt by the international economic sanctions. Due to the rapidly developing nuclear program in Iran, in 2010, the West, galvanized by the Israel’s Prime Minister Benjamin Netanyahu, introduced sever economic measures against Iran; including a ban on international financial transactions. These measures have brought the monetary situation in Iran to its knees, with the rial, Iranian currency, losing 40% against the dollar last month alone. It has created unfavorable conditions for business and manufacturing in Iran.
Economic sanctions also prohibit the Western countries and their partners around the world from trading with Iran, which includes China. The manufacturing is facing insurmountable adversities when it comes to trading with the world. The country’s biggest budget inflow from oil income has been cut in two, since the sanctions began. The new Iranian President, Hassan Rouhani has made it his mission to reconcile with the West and open up Iran’s confining economical borders. The first time since 1979, direct talks between the Presidents of the USA and Iran were held over a phone conversation. It is now up to the leaders of the two countries to decide on the future of the developing nuclear program in Iran and the country’s economical prospects.
