Mike Shuster

Iran is stockpiling gold. That's the way David Cohen sees it. He's undersecretary of the Treasury, and the Treasury's point man for the banking sanctions the U.S. has imposed on Iran.

"Iran is attempting to hoard gold, both by acquiring it and by preventing the export of gold from Iran, in a somewhat desperate attempt to try and defend the value of its currency," Cohen says.

Iran is hurting. Economic and banking sanctions, plus an effective oil embargo led by the European Union, have brought chaos to Iran's economy. The bottom fell out of its currency, the rial, a couple of weeks ago, provoking street protests. Iranians of all social classes are struggling to cope.

Large crowds of anxious Iranians gathered in Tehran on Sunday and Monday at foreign exchange offices — some of which had shuttered their doors — as Iran's currency continues its free fall.

From Sunday to Monday, the rial lost nearly one-third of its value against the dollar — and the decline appears to have continued Tuesday.

Yukiya Amano is frustrated.

Last week, Amano, the director general of the International Atomic Energy Agency, told a meeting of the agency in Vienna that he is aggravated by Iran's unwillingness to show the IAEA what's going on at a base called Parchin.

"Iran should engage with us without further delay on the substance of our concerns," he said. "We need to stop going around in circles, discussing process."

Transcript

DAVID GREENE, HOST:

This is MORNING EDITION from NPR News. I'm David Greene.

STEVE INSKEEP, HOST:

And I'm Steve Inskeep.

Talks with Iran on its controversial nuclear program are set to intensify in the coming days. Tomorrow in Vienna, authorities from the International Atomic Energy Agency meet again with Iranian representatives. They'll discuss some past suspicious nuclear activities. Next week, other talks involving the United States, Europe, Russia and China are set to resume.

Pages