iranian rial
  • Measure: Inflation
  • 2013 estimate: 42.3%

Punishing sanctions have sent the oil-rich economy into reverse over the last two years, pushing the value of its currency down and leading to staggering inflation levels.

Iran struck a preliminary deal with six world powers in November, giving assurances over its nuclear program in exchange for the relaxation of some sanctions.

Related: 20 questions about the Iran nuclear deal

While the agreement could open the door to freer trade with the West, many of the sanctions -- including restrictions on exporting oil to the U.S. and Europe -- remain in place, keeping a handbrake on the economy.

First published January 10, 2014: 11:27 AM ET
Source: International Monetary Fund

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