By Mahdi Ghodsi and Ali Fathollah-Nejad

The COVID-19 pandemic has ravaged Iran’s already ailing economy, but the country’s economic crisis is rooted in factors beyond the pandemic’s fallout. Since the United States’ 2018 withdrawal from the Joint Comprehensive Plan of Action (JCPOA – or Iran Nuclear Deal), it has become clear that Iran’s economic woes – especially its currency devaluation – are strongly correlated with key political and geopolitical events. The volatility in the exchange rate and Iran’s currency depreciation are signs of an unhealthy economy.

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