People withdraw money from an ATM in Tehran’s grand bazar. AFP / ATTA KENARE
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Seventy-year-old Heidar Fekri has been selling industrial equipment from his small store in a Tehran bazaar since before the revolution, but for the first time he is not sure he can survive.Iran's economy had plenty of problems even before U.S. President Donald Trump decided in May to abandon the 2015 nuclear deal and reimpose "crippling" sanctions. But that move exacerbated a record drop in Iran's currency, down 70 percent in the past year, and prompted an exodus of foreign firms.Anticipation of the return of the oil embargo due to kick in Monday has already plunged the country into recession and will see the economy shrink by 3.6 percent next year, says the International Monetary Fund.For Fekri, who has been bringing in industrial pumps and drills from Europe for 47 years, the uncertainty means he has not imported anything for more than a year.Iran's leaders face a tricky balancing act, remaining defiant in the face of U.S. pressure, while acknowledging the economic pain felt in the country.
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