Leaders in Tehran continued to struggle with the country’s failing economy and financial collapse this week, with the Iranian currency hitting an all-time low against the US dollar as the Trump administration ratchets up harsh sanctions against the Islamic Republic.
According to the Associated Press, the Iranian rial ended its weekly trading figures against the dollar at a stunning rate of 150,000 rials to just $1; the lowest level on record.
“The collapse of Iran’s currency has been fanned by President Donald Trump’s decision to pull America out of the nuclear deal with world powers in May. That’s despite the United Nations acknowledging Tehran still abides by the deal’s terms, which saw it limit its enrichment of uranium in exchange for the lifting of economic sanctions,” writes the AP.
Iranian President Rouhani publicly blamed President Trump for the country’s financial crisis last week; saying “anti-Iranian agents in the White House” were directly responsible for the currency’s stunning low.
Read the full report at the AP.
IRAN CRISIS: Tehran on EDGE as Currency PLUNGES 18% in 2 Days
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.
Read the full report here.
IRAN ON EDGE: US Pressure Causing SERIOUS ‘DISCONTENT’ in Tehran
Massive pressure from the Trump administration is causing serious “discontent” among Iranian rulers and civilians, with economic problems and social issues creating growing unrest just months after the US withdrew from the Iranian nuclear agreement.
According to Yahoo News, mounting sanctions and economic pressure from the White House is “rattling the Islamic Republic” and creating new headaches for leaders in Tehran.
“Three days of protests broke out on Sunday in Tehran’s Grand Bazaar, with hundreds of angry shopkeepers denouncing a sharp fall in the value of the Iranian currency,” writes Yahoo. “The disturbances are a major challenge, but analysts expect the leadership will survive despite factional infighting and growing economic problems.”
“The country is under pressure from inside and outside. But it seems there is no crisis management plan to control the situation,” said one Iranian insider.
Iranian authorities largely blame the escalating currency crisis on the United States’ decision to leave the nuclear pact, saying the Trump administration has launched a “political, psychological, and economic” war on Iran.
Read the full report here.