The Syrian pound has hit a new low against the US dollar as its main backer Iran navigates renewed social unrest and regional tensions.
Shackled with sanctions, Iran’s shadow economy relies on access to markets in Dubai to keep things running at home.
US Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin announce fresh sanctions against eight top Iranian officials, as well as against more than a dozen leading producers of metals in Iran.
The two sides meet in what is being seen as a sign of attempts to ease tensions in the Persian Gulf.
Many Turkish businessmen are facing huge losses as their products are systematically banned in Iraq, while sanctions-hit Iran pursues its own business interests in the country.
Baghdad has become the centre of a tug of war between Washington and Tehran, but it's trying its best to maintain a balance between the two rivals while pursuing its own interests.
Donald Trump's chief foreign policy advisor made an unannounced trip to Baghdad which sees both its neighbour Iran and the US as key allies.
Iran's President Hassan Rouhani was defending his administration before parliament after recent tensions with the US. A majority of lawmakers were not satisfied with his explanations and have referred his handling of the economy to judicial review.
The latest US sanctions against Iran are forcing many Iranian businesses in the United Arab Emirates, which has recently become a trade hub of Iranian goods, to move to other countries like Turkey and Qatar.
Federation of Money Changers of Herat estimates $2 to $3M cross the porous western Afghan borders into Iran daily. US sanctions have made Tehran desperate for dollars and neighbouring Afghanistan's dollarised economy is an obvious source.
Reza Zarrab, the US government's key witness in the trial of Turkish banker Mehmet Hakan Atilla, once said it's necessary in America to admit to crimes that never occurred to get out of prison, defence lawyers wrote in a letter to the trial judge.
Zarrab has agreed to cooperate with US prosecutors as a witness against Turkish bank executive Mehmet Hakan Atilla, the deputy general manager of Halkbank.
Subscribe to our Youtube channel for all latest in-depth, on the ground reporting from around the world.
Copyright © 2020 TRT World.