'People have more confidence to buy' - Tehran shoppers react to Iran sanctions relief

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There is relief, and some optimism, on the streets of Tehran following Iran’s deal with world powers over its nuclear program.

The sanctions relief for Iran within the deal has provided hope that the country’s shackled and shrinking economy may be given a new lease of life.

Shopping in Tehran, Nahid Habibi said attitudes had changed overnight: “People now have more motivation to buy gold. There’s more confidence for shoppers. I personally feel that it is less likely that I’ll lose out if I buy stuff,” she said.

Iranian government spokesman Mohammad Baqer Nowbakht told reporters there was no doubt the sanctions relief would have a “positive impact on the economy”.

International sanctions have cost Iran an estimated 120 billion dollars (around 90 billion euros) in lost revenues since 2010. Its oil exports have also plummeted during that time.

Global investors appear confident that the situation is going to improve. Oil prices and gold prices fell sharply on the news that a nuclear deal had been reached.