29 Nov '13, 12pm

Iran sanctions eased, but pinch still felt: The sanctions relief offered to Iran by the U.S. and five wo... #army

DUBAI, UNITED ARAB EMIRATES — The sanctions relief offered to Iran by the U.S. and five world powers has begun to get the gears of commerce slowly turning again in an economy that remains in shambles. The Obama administration estimates relief from some sanctions in exchange for a temporary pause in Iran’s nuclear enrichment program will amount to just $7 billion. That’s a meager amount for the economy of a nation of nearly 80 million people — it’s less than one month’s worth of Iran’s oil production and just 7 percent of Iran’s overseas cash that remains frozen under the sanctions. Still, Iranians see the move as a much needed step toward a more normal economy after years of crippling inflation and job losses. “Markets operate on a psychological basis,” says Ray Takeyh, an Iran expert at the Council on Foreign Relations and former U.S. State Department senior adviser. “The...

Full article: http://www.armytimes.com/article/20131129/NEWS08/311290001

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