ERBIL, Kurdistan Region – A million Iranians could lose their job after the implementation of US sanctions, Tehran’s Minister of Labor has said.
“We have to be honest with our people and tell them that we are in a serious economic war... if the government does not have a plan, the US sanctions could result in the loss of one million jobs in Iran,” Iranian Minister for Labor Ali Rabiei told Iranian newspaper Etemaad on Tuesday.
US President Donald Trump withdrew from the 2015 Iran nuclear deal in May, sending shockwaves through Iran’s economy. Since the US withdrawal, the Iranian economy has faced high inflation. On Monday, Iran’s currency hit a new all-time low against the US dollar — the rial fell to 112,000 against the dollar, down from 98,000.
“We have to build public trust to deal with this economic trust ... We have to give more freedom to government media outlets so they can build a public trust for facing this crisis,” Rabiei added.
Since Tuesday, Iranians in several big cities have protested against high inflation and economic hardship. Shiraz, Isfahan, Mashhad, Karaj, Ahvaz, and Rasht have seen protests demanding radical changes in the government. Some protests have even seen demands for regime change.
On Saturday the United States implemented its first phase of sanctions, targeting Iran’s automotive industry, trade in gold, and other metals. The second wave will take effect in November targeting Iran’s biggest source of income – oil sales.
Since the US withdrawal, many multinational companies have suspended trade with Iran, including French petroleum company Total, US-based Shell, Russia’s Lukoil, Banque de Commerce et de Placements (BCP), the world’s largest shipping container line Maersk, and multinational airplane producers Airbus and Boeing.
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