“Joe Biden's presidency lowers inflation expectations in the Iranian market,” an economic analyst told ILNA.
In an exclusive interview with ILNA news agency, the chairman of the Iran-China Joint Chamber of Commerce and Industry said that the impact of Biden's presence in the White House on sanctions is a political issue and a series of political events must take place so that we can talk about its economic implications.
Majid Reza Hariri added “What can naturally happen in the Iranian market is the removal of negative psychological expectations from the market.”
“What happens in the market for a week cannot be investigated and we have to wait for the excitement to disappear.”
However, if sanctions are removed, Iran’s exports would bounce back quickly, as they did in the period of the JCPOA, starting in January 2016.
All major U.S. TV networks projected Joe Biden would win the presidency on Saturday, though Trump vowed to continue to challenge the outcome in the courts. But some of the United States’ biggest and closest allies quickly congratulated Joe Biden on his presidential election victory on Saturday even though Donald Trump, with whom several have had rocky relations, had yet to concede.
Earlier Saturday, President Hassan Rouhani, while hailing what he termed “Iranian nation’s resistance” against the Trump administration’s “maximum pressure campaign” against Iran, said he hopes the new government in Washington will turn the page.
Deputy Foreign Minister Abbas Aragchi also made similar comments that asserted “new approaches” may develop in Washington’s policies if Biden comes to power.
Tensions between Iran and the US have escalated since 2018 when Trump announced a unilateral withdrawal from the nuclear deal, followed by reinstatement of sanctions.
With Biden leading the race, Iran’s forex market responded positively Friday. The national currency, the rial, gained significantly against foreign currencies, including the dollar.