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The decision by the Gulf states, and especially the United Arab Emirates, to stop trading in Iranian rials deals a harsh blow to the Iranian economy. Thousands of Iranian companies opened branches in Dubai in recent years, and tens of thousands of Iranian businessmen use the country to import and export non-oil merchandise. Now, they will have to come up with another way to run their businesses.

Iranian businessmen have a double problem: Not only are the banks refusing to accept Iranian rials, but Iranians are finding it difficult to pay for goods in other currencies, because their government imposes strict restrictions on taking foreign currency out of the country.