Bags of Cash Show Iran Currency
When Mohammad-Reza needed parts for his heater company in
Iran last month, he carried a bagful of 500-euro notes on a plane to
Dubai and paid his German supplier over coffee in a hotel lobby. Often,
he says, he has to use even riskier channels.
Mohammad-Reza, who
declined to give his surname for fear of reprisals, says he uses
informal currency transfers called hawala to get around the sanctions
that cut Iran off from the global banking system. “Everything’s based on
mutual trust,” he said in an interview in his Tehran office, describing
a widely used network of unofficial middle-men. “The currency shops in
Tehran don’t give you a receipt, and it’s not clear when the supplier in
Germany, the Czech Republic or South Korea will receive it. Sometimes
money gets lost in transmission.”
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Mohammad-Reza’s business has shrunk under the impact of the trade and
currency curbs imposed by the U.S. and allies to restrain the Islamic
republic’s nuclear program. Iran’s oil exports have plunged by more than
half, slashing government revenue. President Hassan Rouhani described
the recession as a national security issue during the campaign that
culminated in his election in June.
In his first months in
office, Rouhani is pushing for a thaw in ties with the West that would
help him meet election pledges of reviving the economy. There’s a direct
link between that diplomatic shift and the impact of the
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“Iran
is in a spider web of sanctions that have hurt its economy, and Iranian
leaders know it,” Molavi said in a phone interview. “The pain was felt
more acutely this year, and this was something that made Iranian leaders
more conciliatory.”
Talks between Iran and world powers are due
to resume in Geneva next week, amid optimism sparked by Rouhani’s trip
to New York last month. Oil is down more than 6 percent from a 2
1/2-year high a month ago, as expectations of détente with Iran followed
the easing of tensions over Syria. The U.K. yesterday agreed to take
steps toward reopening its embassy in Iran.
While in the U.S.,
Rouhani had a historic telephone conversation with President Barack
Obama, and told the Washington Post he’s eager to resolve the nuclear
dispute within six months.
That timescale may have been put
forward with the risk of an economic crisis in mind, said Mark Dubowitz,
president of the Foundation for Defense of Democracies, which advocates
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House of Representatives voted in August for the restrictions to be
tightened, though the measure hasn’t gone into effect.
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