Iran’s currency continued to plummet Tuesday as the country struggled to contain an escalating financial crisis; plunging nearly 20% in just two days as calls for President Rouhani to step-in and stabilize the economy grow.
According to Bloomberg, the Iranian Revolutionary Guard -in a break from tradition- demanded Rouhani get a grip on the widening crisis as the Iranian rial dropped 18% since the beginning of the week.
The currency is now at an all-time low, hitting exchange rates of 116,000 rials for just $1. In January, the rate was 42,900 rials for $1.
“The unique and extensive backing you benefited from in past weeks shouldn’t preclude you from taking revolutionary actions to control prices and prevent the enormous increase in the price of foreign currency and gold,” said the IRG.
“Decision-making in today’s difficult circumstances necessitates revolutionary determination and decisiveness in dealing with certain managers’ weaknesses,” added Guard commander Mohammad Jafari.
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KIM’S CASH CRISIS: North Korea ‘RUNNING OUT’ of Currency, BROKE by October
Recently passed sanctions by the United Nations and crippling new guidelines by the United States are slowly pushing Kim Jong Un’s brutal regime to the brink, with South Korean lawmakers saying the Hermit Kingdom will be totally broke by October 2018.
According to Fox News, South Korean legislator Kang Seok-ho informed his fellow lawmakers that North Korea is slowly running out of currency and will be unable to operate this fall; adding Kim’s recent “olive branch” to Seoul during the Winter Olympics was part of an elaborate ruse to buy the communist regime more time.
“I received an analysis that, if international sanctions against the North continue like this, all of North Korea’s foreign currency earnings and overseas assets will be frozen, and its dollar [reserves] will dry up around October,” Kang said.
“At a time like this, our government should further strengthen cooperation with the international community on sanctions against the North,” he added.
Stories of Kim’s drastic economic troubles surfaced earlier this year, with reports of North Korean soldiers foraging the forests and looting local residents after food supplies ran dry and oil rations dwindled.
TENSE IN TEHRAN: Iran’s Currency Hits ALL TIME LOW, Plummets 50% in 4 MONTHS
Iran’s currency plummeted to an all-time low this week, prompting leaders in Tehran to question the country’s response to strong US sanctions after the Trump administration withdrew from the international nuclear agreement.
According to France 24, the Iranian currency plunged to an exchange rate of 102,000 rials to just $1; losing over “half its value” in four months
“The currency collapse was encouraged by the US announcement in May that it was pulling out of the 2015 nuclear deal, that lifted certain sanctions in exchange for curbs to Iran’s atomic programme,” writes France 24. “The US is set to reimpose its full range of sanctions in two stages on August 6 and November 4, forcing many foreign firms to cut off business with Iran.”
The Islamic Republic has struggled to contain nationwide protests in recent months, with Iranian citizens taking to the streets to demonstrate against the regime’s inability to cope with the escalating currency crisis and a shortage of drinking water.
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