People wait in front of a closed money exchange shop for it to open, in downtown Tehran, Iran, Tuesday, Aug. 7, 2018. (AP Photo/Ebrahim Noroozi)
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If the U.S. was hoping renewed sanctions on Iran would cause immediate economic turmoil and mass anti-government protests, it may be disappointed, though real pain could still be on the horizon.While there is plenty of despair in Iran over the state of the economy, and fear for the future, the return of sanctions was marked by relative calm.There was actually some good economic news this week for once, with the rial gaining more than 20 percent since Sunday in response to new foreign exchange policies announced by the government.That points to the fact that Iran's problems are driven at least as much by internal dynamics as U.S. pressure. In November, the second wave of sanctions will hit Iran's vital oil sector, in addition to shipping and financial transactions.Figures collated by economist Faezeh Foroutan, and published by analyst James Dorsey, showed China alone accounted for 25.6 percent of Iran's imports and 19.7 percent of its exports since March – more than all European countries combined.
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