Iran's nuclear stance helped spark a currency crisis

Iran's decision to keep its uranium-enrichment program has stalled talks with the West and coincided with a sharp fall in the rial and renewed public protests.

Traders near Tehran's bazaar closed stalls starting Dec. 28 as the rial plunged and protests spread. Officials say negotiations with the West over Iran's uranium-enrichment program have stalled, and sanctions are limiting Tehran's access to offshore reserves. The government has announced changes to currency subsidies and temporarily closed universities while the situation continues to unfold. Key facts: - Traders and merchants reported shutting stalls after the rial fell to historic lows and inflation rose. - The rial has fallen sharply since the June conflict with Israel, with an estimated 60% decline cited in reporting. - Talks between Tehran and Washington over restricting uranium enrichment have stalled since that conflict. - Officials have stopped subsidized foreign-currency distribution and temporarily closed universities as protests continue. Summary: Stalled negotiations over Iran's nuclear program and the resulting sanctions coincide with a steep currency decline and renewed public protests. Authorities have taken measures such as subsidy changes and temporary school closures. Undetermined at this time.