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Economy in Recovery Mode

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The Central Bank of Iran says volatility in the currency market is ephemeral. In a press release published on its public relations website, it said “macroeconomic variables improved last year despite escalation in the US economic sanctions and outbreak of Covid-19.”
It attributed short-term volatility in the currency market to “change in expectations” vis-à-vis international developments that potentially impact the economy.
The CBI pointed to developments related to the Iran nuclear deal, known formally as Joint Comprehensive Plan of Action (JCPOA). The 2015 deal was abandoned by former US president Donald Trump in May 2018 that, among other things, unleashed a fresh wave of volatility in the local forex market sending rates to new highs.

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