Plots for Collapse of National Currency Defused
Plots for Collapse of National Currency Defused
TEHRAN - The governor of the Central Bank of Iran (CBI) says plots for a massive devaluation of Iran’s national currency have effectively failed as the rial keeps regaining some of its value despite growing economic pressure from the United States and a flare-up of tensions in the Persian Gulf over the past weeks.

Abdolnasser Hemmati said on Friday that “enemies” failed to realize their objectives from imposing sanctions on Iran which was “as they had asserted to destroy the national currency as a prelude to overthrow the state.”

IRAN NEWS NATIONAL DESK

Hemmati’s comments on Instagram came amid reports that the rial had resumed its long-anticipated recovery against the US dollar on Thursday as it traded 118,000 against the greenback, a surge of around 13 percent compared to earlier in July when each dollar had been sold for 135,000 Iranian  rials.

“Today, me and my colleagues in the CBI are proud that we have had a tiny share in the all-out resistance and victory of the Iranian people against this big plot (which came) in one of the most sensitive periods of the country’s history,” said Hemmati.

The official, however, admitted that US sanctions had caused difficulties for the Iranian households through the shocks they created in the markets and the increased inflation that followed.

Iran reports lower inflation in the month ending July 22 as the rial bounces back against the dollar.

Iran has been faced with some of the harshest sanctions ever imposed on a country after US President Donald Trump  withdrew from a major international agreement on Tehran’s nuclear program in May last year.

The sanctions began in November and were toughened in May this year after Trump’s administration cancelled waivers granted to several major buyers of Iran’s oil.

However, official data released by the government this week showed that consumer inflation had started to decline in the month ending July 22.

The surge of the Iranian rial and the declined inflation comes despite renewed military tensions in the Persian Gulf where Iran has refused to release a British tanker it seized last Friday in retaliation for Britain’s seizure of an Iranian supertanker earlier this month in its overseas territory of Gibraltar.

  • source : Iran news