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The U.S. has been applying various levels of sanctions on Iran for decades, but tighter restrictions by the West on the oil sector have cut exports from 2.5 million barrels in 2011 to 1.2 million. Steps to block Iran from international banking networks, meanwhile, sent the national currency, the rial, into free-fall in late 2012, losing 40 percent of its value in a matter of weeks. The rial has clawed back since Rouhani’s election in June, but is still far below its exchange value before the latest wave of sanctions.
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