TEHRAN, Iran – Money exchange shops across Iran cautiously reopened on Tuesday after being shut for five months amid economic turmoil fanned by America's withdraw from the nuclear deal.
Shops opened their doors in the Iranian capital, Tehran, though some displayed no exchange rates late into the morning.
Two traders told The Associated Press that initial rates likely would be around 93,000 rials to the dollar, down from 98,000 to $1 on the black market the night before. The two spoke on condition of anonymity as they were not authorized to talk to reporters.
Iran's official exchange rate remains 42,000 rials to $1.
Iran had announced this week that exchange shops would reopen despite the United States re-imposing some sanctions on the Islamic Republic late on Monday.
Those sanctions target financial transactions that involve U.S. dollars, Iran's automotive sector, the purchase of commercial planes and metals, including gold. U.S sanctions targeting Iran's oil sector and Central Bank are to be re-imposed in early November.
The Islamic Republic's economy, hobbled by years of sanctions, has suffered in recent months with the uncertainty over the atomic accord. The U.S. move has dismayed America's European allies trying to preserve the nuclear deal.
Iran has accused the U.S. of reneging on the nuclear agreement, signed by the Obama administration, and of causing the country's recent economic unrest.
Iranian authorities recently also arrested 45 people, including the Central Bank's deputy chief, as part of a crackdown on financial fraud, according to judiciary spokesman Gholamhossein Mohseni Ejehi.
The crackdown followed Supreme Leader Ayatollah Ali Khamenei's orders to the country's president, parliament speaker and judiciary chief to work together to resolve the crisis.
President Hassan Rouhani's administration also replaced the Central Bank governor and took other measures to shore up the national currency.
Banker Bahaeddin Hashemi predicted the new policies would take at least a month to show their effects.