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But Tehran's deputy governor Abdolazim Rezaie downplayed the extent of the demonstrations, saying that no one had been arrested in the Tehran protests and adding that all the shops will be open on Tuesday, according to Iranian State TV.

But the official said that Trump administration officials have been visiting European and Asian countries to say that the US expects their imports to be zeroed out by the time the grace period ends. Turkey said on Wednesday it did not consider itself bound by the US effort to stop Iran exporting oil.

Prohibited imports include home appliances, textile products, footwear and leather products, as well as furniture, healthcare products and some machinery, Tehran Times said. In a televised speech, Rouhani blamed the USA for Iran's woes and said the U.S.is trying to damage the country by creating "an economic war". "We have enough foreign currency to inject into the market".

The U.S.is planning to reimpose economic penalties on Iran following President Trump's decision last month to withdraw the U.S. from the Iran nuclear deal. The rial was at 42,890 at the end of 2017. "I think the predisposition would be, "No, we're not granting waivers", the official said.

Iran has reportedly already met with Chinese customers to ask them to keep buying oil, and while they haven't gotten any guarantees, China appears to have plenty of justification to continue doing so.

On Monday, police patrolled the bazaar following clashes with protesters angered by the rial's collapse, which is disrupting business by driving up the cost of imports.

That's a far cry from the optimism shared by Rouhani and other Iranians when the 2015 nuclear deal was enacted between Iran and six world powers, including America.

"Japanese companies were beginning to look toward Iran as an attractive investment destination", according to Mitsuo Fujiyama, a senior economist at the Japan Research Institute Ltd.

Massive protests have erupted in Iran with in recent days as the country's economic crisis worsens, with many Iranians blaming the government's costly foreign interventions as the root of their economic ills. In addition, Iranian government took on the re-insurance burdens.

A senior Revolutionary Guards commander, meanwhile, on Wednesday that it was the responsibility of all Iranians to help the government overcome economic problems. Moreover, the U.S.is on its way to impose new sanctions. The demonstrators believe that Iran's expansionist policies cause both economic difficulties and diplomatic disagreements, resulting in the sanctions.

Like the Mashhad uprising, this one in Tehran - and my sources tell me similar ones are taking place today in Shiraz, Qeshm, Kermanshah, and Mashhad - began over economic concerns and nearly immediately turned political, as Iranians recognize a corrupt theocracy has no concern for the citizens who keep it fed.

Yet the Iran deal itself is still intact, without the US.

Oil prices surged more than 2.5 per cent in NY as traders digested the prospect of a much larger than expected loss of Iranian supply this winter.