NEDSA commander announced in September 2020 that Iran spent $19.6 billion in the war. The war furthered the decline of the Iranian economy that had begun with the revolution in 1978–79. Between 1979 and 1981, foreign exchange reserves fell from $14.6 billion to $1 billion. As a result of the war, living standards dropped dramatically, and Iran was described by British journalists John Bulloch and Harvey Morris as "a dour and joyless place" ruled by a harsh regime that "seemed to have nothing to offer but endless war". Though Iran was becoming bankrupt, Khomeini interpreted Islam's prohibition of usury to mean they could not borrow against future oil revenues to meet war expenses. As a result, Iran funded the war by the income from oil exports after cash had run out. The revenue from oil dropped from $20 billion in 1982 to $5 billion in 1988.French historian Pierre Razoux argued that this sudden drop in economic industrial potential, in conjunction with the increasing aggression of Iraq, placed Iran in a challenging position that had little leeway other than accepting Iraq's conditions of peace.