Iranian rials, U.S. dollars and Iraqi dinars at a currency exchange shop in Basra, Iraq, November 3, 2018. REUTERS/Essam al-Sudani
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Tamnoush, an Iranian company that makes fizzy drinks, has shut down its production line after 16 years and laid off dozens of workers.Reuters interviews with dozens of business owners across Iran show hundreds of companies have suspended production and thousands of workers are being laid off because of a hostile business climate mainly caused by new U.S. sanctions.Iran's vice president has warned that under sanctions Iran faces two main dangers: unemployment and a reduction in purchasing power.The sanctions have affected the Iranian car industry, which had experienced a boom after sanctions were lifted two years ago and it signed big contracts with French and German firms.French carmaker PSA Group suspended its joint venture in Iran in June to avoid U.S. sanctions, and German car and truck manufacturer Daimler has dropped plans to expand its Iran business.Saeed Laylaz, a Tehran-based economist, was more sanguine.He said youth unemployment was a product of Iran's demographics and government policies, and sanctions were only adding to an existing problem.
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