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3 signs the ‘maximum pressure’ campaign against Iran isn’t working

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Under the surface, there are at least three signs that suggest, despite the draconian nature of the sanctions regime hitting the Islamic Republic, Iran may in fact be able to weather the storm (for now).

Firstly, Iran’s currency regained 40 percent of its value in the past year, recovering from the all-time lows it had reached since Donald Trump unilaterally pulled the plug on the Joint Comprehensive Plan of Action (JCPOA). According to the state-run Islamic Republic News Agency, Iran’s central bank governor, Abdolnaser Hemmati, said the economy had grown over the past year even in the face of sanctions and the repeated threats of war. It bears mentioning that when it comes to Iran, the threat of war comes from multiple venues at multiple times in the day. If it isn’t Israel, Saudi Arabia, or the United States threatening to attack Iran, there is always the potential for the on-the-ground situations in Yemen, Syria, Iraq, Lebanon, Pakistan, and Afghanistan to result in a breakout of war which could cross over into Iran’s territory.

Despite a crippling sanctions regime which was heavily condemned by the International Court of Justice (ICJ), Bloomberg noted that Iran’s economy was able to recover on the open market as Iran had taken measures to preserve foreign currency and set up a government-run foreign-exchange platform to provide the supply. The platform, known as Nima, has allowed its rate to weaken in order to encourage more companies to sell their foreign exchange, which has in turn lifted the pressure on Iran’s currency.

This isn’t to say that all is fine and dandy on the Iranian side. Clearly, sanctions are strangling Iran and perhaps over a much longer term, Iran’s........

© RT.com