In its most recent projection, the International Monetary Fund says due to US sanctions, Iran’s economy will shrink by 9.6 percent, its lowest since 1984. The previous projection was six percent negative growth.

As one of the biggest oil producers in the world Iran witnessed a significant increase in its oil revenue after the landmark nuclear deal with great world powers known as the Joint Comprehensive Plan of Action (JCPOA). But after President Trump’s unilateral exit from the deal and re-imposing oil and banking sanctions on Iran, the country’s oil revenue has dropped to one of its all-time lows.

The International Monetary Fund had previously projected that Iran’s economy will shrink by 6 percent this year, but that prediction was done before the sanction waivers to Iran’s biggest oil customers were expired and were not extended by the United States.

The IMF also announced that Iran will suffer “severe macro-economic devastation” along with some other markets.

Iran’s currency value has severely dropped after the US oil and banking sanctions, which has caused problems for the country’s foreign trade and has led to high inflation rates. Based on IMF projections, Iran’s inflation rate will reach 35.7 percent this year.

Currently, the official price of the dollar in Iran is 4200 tomans, but in the black market on Tuesday, it was exchanged for 11500.