Iranians have elected a Reformist president. The initial degree of optimism among economic stakeholders can be best seen in the value of the national currency—the rial—on the open market. The US dollar traded for 586,500 IRR on July 27, appreciating by 6% since June 27, the day before the first round of the presidential elections.

Having said that, some observers have suggested that the Masoud Pezeshkian administration will just represent a continuation of the Hassan Rouhani presidency (2013-21) and opined that the president-elect’s economic policies will be similar to the approach under the previous moderate...