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U.S. Sanctions Begin to Distort Iran's Economy

(Reuters) Andrew Torchia and Bozorgmehr Sharafedin - After the U.S. reimposed economic sanctions on Iran, prices have jumped in a range of goods - particularly imports such as mobile phones and other consumer electronics, but also some staples. A bottle of milk, which cost 15,000 rials last year, now sells for 36,000. A can of tomato paste that sold for 60,000 rials in March is now 180,000 rials. The price of tomatoes has increased more than five-fold compared to last year. The rial has plunged from 42,890 to the dollar at the end of 2017 to around 145,000. The International Monetary Fund predicted this week that Iran's economy would shrink 1.5% this year and 3.6% in 2019.
2018-10-12 00:00:00
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