"We're in no hurry to reopen the Strait of Hormuz."
That's Iran's own deputy foreign minister — while officials admit that because the Strait is closed, oil isn't being exported and the country has no revenue.
Their own official figures released today: an average 35% drop in exports and imports over the past few months.
In an economy already living on the edge, a 5% contraction disrupts ordinary life. Now imagine 35%.
And that headline number hides something worse: much of the remaining import volume is luxury cars for the well-connected elite. Strip that out, and the collapse in essential goods and real exports is far deeper than 35%.
No hurry — for whom, exactly?
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