Iran's President-Elect Rohani Talks Economic Reform

When Hassan Rohani won Iran’s presidential election in June, he garnered more votes than his predecessor did when he swept to power eight years before. The 64-year-old lawyer, cleric, and former diplomat will take on an economy that under President Mahmoud Ahmadinejad was defined by falling oil exports because of international sanctions, accelerating inflation, a currency collapse, and stubbornly high unemployment.

Rohani didn’t outline an economic plan during the six-week campaign. He certainly needs one before he takes office in August. In December, Economy Minister Shamseddin Hosseini said oil revenue had dropped 50 percent because of the sanctions, according to the Tehran-based Khabar Online news site. The decline started in July 2012 when European Union sanctions went into effect.