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unofficial market compared to where it stood before it became clear early last year that the US was switching its Iran policy back to a sanctions-led approach.
Meanwhile, Iran’s redenomination bill was sent to the Iranian parliament by the cabinet on August 21 for debate among MPs, according to ICANA.
Iran is set to remove four zeros from its currency, the Iranian rial (IRR) in the next two years, provided all relevant bodies, including the Guardian Council, government committees and parliament give their blessing. As part of the new currency, to be officially called the “toman”, a new sub-currency named the “parseh”, equal to 100 toman, will be legislatively introduced.
2.0 Politics
2.1 Iran to take “strong step” away from nuclear deal if
EU fails to act
Iran said on September 2 that it is prepared to take a “stronger step” in reducing its commitments under the 2015 nuclear deal if European countries do not act to shield its economy from heavy US sanctions. "Iran is prepared in reducing its commitments if the European parties do not show enough determination... The third step has been designed and will be stronger than the first and second steps to create a balance between Iran's rights and commitments to the JCPOA [Joint Comprehensive Plan of Action, as the accord is formally known]," Mousavi stated.
Also on September 2, Iran’s government spokesman said that Iran and France’s views on the deal have moved closer, particularly because of phone calls between Iranian President Hassan Rouhani and his French counterpart Emmanuel Macron.
“Fortunately the points of views have become closer on many issues and now technical discussions are being held on ways to carry out the Europeans’ commitments [in the nuclear deal],” the spokesman, Ali Rabiei, said in remarks carried by state television.
On August 29, it was reported that Tehran’s latest standpoint on the future of the nuclear deal is that Europe can save it either by persuading Washington to restore sanctions waivers for Iran’s oil exports or by arranging a credit line for the Islamic Republic. Iran’s deputy foreign minister, Abbas Araghchi, outlined the position in an interview with state TV on August 29.
The options, according to Araghchi, were presented to Macron during the phone calls Hassan Rouhani. Macron has been active in exploring how to prevent Iran abandoning the nuclear accord, which the US unilaterally walked out of in May 2018 as President Donald Trump opted to switch to a heavy sanctions regime designed to wreck Iran’s economy to the point that Tehran comes to the table to accept a stricter agreement. Iran, France, Germany, the UK, Russia and China remain signed up to the existing deal but Iran says its trade and investment spheres have received so little protection from US sanctions from the signatories—and particularly from Europe’s major powers whom the Iranians had most pinned their hopes on—that the remaining part of
5 IRAN Country Report September 2019 www.intellinews.com