Tehran – The Memorandum of Understanding (MoU) signed between Iran and the United States has weathered its early volatile days, offering a roadmap toward a sustainable resolution for the war launched by the US and Israel nearly four months ago. But tough months of political and technical negotiations still lie ahead, and Iranians remain cautiously watchful.
Under the deal, Iran can now tap a portion of its frozen overseas funds to purchase humanitarian goods, including food and medicine. Central Bank of Iran Governor Abdolnaser Hemmati said Tehran could buy corn, wheat, and other agricultural products from the US if prices and quality are competitive, but the agreement text does not mandate this.
The US Treasury has also issued a general license under the MoU, permitting production, delivery, and sale of Iranian-origin crude oil, petrochemicals, and petroleum products through August 21. Payments for these transactions can be made in U.S. dollars. Iran has exported millions of barrels of oil aboard supertankers in recent days, pumping additional money into its economy.
Yet ordinary Iranians feel no direct impact as they still grapple with one of the world's highest inflation rates, especially for food and medicine. The rial strengthened to 1.53 million against the dollar in mid-June from a low of 1.9 million in early May, but now trades at 1.64 million on the free market.
Some traditional maritime trade through Iran's southern ports has been revived, particularly for essential goods stuck at UAE ports. However, the large neighboring market, through which many goods are re-exported to Iran, has not fully reopened to Iranian traders since the war.
In recent days, Iran's banking system suffered widespread disruption due to a major cyberattack, affecting branch and online services at several major banks. People had to use cash at gas stations and grocery stores. Some speculate Israel may be behind the attack, but authorities have not officially attributed it.
Hardliners at home are protesting the deal, calling for revenge for the death of Supreme Leader Ayatollah Ali Khamenei and refusing concessions to Washington. Over 50 hardline lawmakers planned to gather outside parliament on Sunday to protest. On the Tabnak website, more than 80% of online survey participants viewed the MoU as harmful to Iran, and the poll was later taken down without explanation.
The Iranian government insists it negotiates from a position of strength, adhering to 'commitment for commitment.' Lead negotiator and Parliament Speaker Mohammad Bagher Ghalibaf stated: 'Our resistance stems from faith and is the reason the enemy has been frustrated in achieving its goals, forcing their surrender on the battlefield and at the negotiating table.'
