The Iranian rial gained more than two percent after the Islamic nation agreed on terms to cease their nuclear program, the installation of an advanced centrifuge and destroy uranium enriched to 20 percent.
The currency’s value has been halved since the year prior to President Hassan Rouhani was elected in June. According to Bloomberg via black market street traders, the rial went from 30,000 per dollar to 29,300 per dollar, a 2.3 percent increase.
The currency was not the only thing affect by the sanctions, which reduced Iran’s access to the global financial system. Here is a graphic representation of the country’s decline over the last decade.
All graphs were created through tradingeconomics.com:
The rial gradually increased until a large spike then decline after President Rouhani was elected.
Iranian gross-domestic product has been volatile. An overall downward trend shows the current minus5.9 percent GDP reported in the fourth quarter. Historically, Iran has averaged 4.9 percent GDP growth.
Iranian unemployment is a major factor, averaging 11.7 percent in the last decade. According to the Central Bank of Iran, the lowest unemployment rate was 7.1 percent.
Since 1957, Iran has averaged 13.9 percent inflation. It increased dramatically in 2010 after subsiding slightly. Energy and housing represents the highest weighting, whereas entertainment and culture are at the lower-end of the spectrum.