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Iranian officials are scrambling to stabilize a distressed economy in the wake of the US government’s rush to impose new sanctions. Monetary authorities are fighting a losing battle in fine-tuning exchange control regulations adopted in April after the plunge in the value of the Iranian rial to record lows.
US Tightens Restrictions
Two days after President Donald Trump announced his decision on 8 May to withdraw from the Iran 2015 nuclear deal ( MEES, 11 May ) further sanctions were announced. The US Treasury Department in conjunction with the UAE slapped sanctions on several Iranian companies, individuals and officials for operating an “illegal currency exchange network” in the UAE. The Treasury says the network was facilitating the transfer of US dollars to the Islamic Revolutionary Guard Corps’ elite Quds Force. (CONTINUED - 747 WORDS)