Iran to create secondary currency market by next week

Iran to create secondary currency market by next week

Police patrolled Tehran's Grand Bazaar on Monday as security forces struggled to restore normality after clashes with protesters angered by the rial's collapse, which is disrupting business by driving up the cost of imports, witnesses said.

Monday's protests in Tehran began at the capital's sprawling Grand Bazaar, which has always been a center of conservatism in Iranian politics and where the ayatollahs' 1979 Islamic Revolution first gathered pace.

Tehran's cell phone market went on strike on Sunday June 24, with store owners and people marching in protest in Jomhouri (Republic) Avenue as the city's Forex market, just a stone-throw away, recorded the highest value for United States dollar against the Iranian currency rial.

The economic sanctions were lifted after the deal was implemented in 2016, but President Donald Trump announced in May that the U.S. was abandoning it.

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The report said protesters were marching toward Baharestan Square where the Iranian Parliament (Majles) is located when the police stopped them and dispersed the crowd.

In the Grand Bazaar, hundreds staged a similar protest, videos posted on social media showed.

Others were seen chanting "Coward" at one trader who refused to close his shop, while video clips show tear gas being fired on at least one demonstration in the capital.

"Their demands are delivered through the chamber to the government, and these are being pursued by us", he said.

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Additionally frustrated with the Iranian regime's massive expenditures on war in Syria, protestors also could be heard chanting, "Leave Syria and think of us". Bazaar families opposed the Iranian Shah Mohammad Reza Pahlavi and supported the 1979 Islamic Revolution that replaced him with a Shiite theocracy and elected officials.

Similar economic demonstrations broke out across Iran at the end of 2017 and quickly spread to some 75 cities and towns - growing into Iran's largest protests since unrest over the disputed 2009 presidential election.

It was the biggest protest in Tehran since 2012, when global sanctions related to Iran's nuclear activities were crippling its economy. The protests in late December and early January saw at least 25 people killed and almost 5,000 people arrested by authorities.

The protest coincided with the Iranian rial weakening to a record low of 90,000 to the dollar on the black market in recent days. The Fars news agency, which is believed to be close to Iran's hard-line paramilitary Revolutionary Guard, made a point Monday of publishing an article from the daily newspaper Sobh-e No describing the government as being ready to "bow down to foreign threats and sit at the negotiation table".

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