On Wednesday, the Tehran covered bazaar was closed, and the traditional market in some other cities such as Mashhad also went on strike, with demonstrators protesting the collapse of the Iranian currency, the rial. Until last November, the rial was about 10,000 to the dollar. Then it fell to 12,000. Last summer it hit 16,000. Some merchants were offering 35,000 to the dollar on Wednesday and expected the rial to decline further.
Although the US, the EU and Israel’s government will gloat that ‘sanctions are working,’ it is unclear that any such thing is true.
True, Western sanctions on Iran have gone beyond mere boycotts to a kind of financial blockade, in which obstacles are being placed in the way of Iran selling its petroleum to third parties, especially in Asia.
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