IRAN

Iran Introduces Austerity Measures
 
Last week Iran announced that it would cut imports of non-essential goods and introduce some austerity measures – a clear sign that western sanctions have created a real shortage of foreign exchange in the country. Measures taken by the monetary authorities have so far failed to reverse the steep fall in the rial, which has lost more than half its value against the dollar since the beginning of the year. Thus far they have only managed...