TEHRAN: A year after the US withdrew from a landmark nuclear accord, Iran's economy is suffering under renewed sanctions - but Tehran is sticking to the pact even while warning its patience"has limits".
The current crisis appears in some ways worse than a 2012-13 recession, when pre-deal multilateral sanctions against Tehran's nuclear programme and its ballistic missile projects were biting hardest.The July 2015 nuclear agreement reached in Vienna between Iran and the so-called P5+1 - the five permanent UN Security Council members and Germany - had seen Iran emerge from the cold to tentatively rejoin the community of nations.
But a year after Trump's move, there is not even"the beginning of the beginning" of an answer as to what would constitute a better deal, according to a European diplomat who did not want to be named. That has helped spur inflation to 51 per cent year-on-year - up from a manageable eight percent a year ago, according to official figures. The true pace of price growth is likely considerably higher.There has been a particularly severe impact on the affordability of food.
In the face of the US withdrawal, Iran has so far chosen to stick to the nuclear accord and continue to respect the commitments it made in Vienna.
Source: Financial Digest (financialdigest.net)
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