Sanctions Drive Iran Into Recession

Sanctions carried out on Iran regarding its nuclear program have sent the country into recession, a global association of financial services said on Monday.

Highlights from market news:

– Crude oil exports have dropped, the Iranian rial has plunged and inflation took off in 2012

– Iranian officials at first sought to downplay the effect of sanctions, but in recent months have acknowledged their impact on the economy

– In November the state budget for the next fiscal year may assume exports of just one million barrels of oil per day, about half volumes shipped in 2011.

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