ISSN 2330-717X

Iranian Officials Confirm Sanctions’ Bite On Economy

By

International sanctions have rocked the balance of Iran’s currency, says the deputy head of Iran’s Industry and Mining Chamber of Commerce.

ILNA quoted Pedram Soltani as saying: “This level of sanctions is gradually effecting foreign and domestic investment, currency exchange and trade levels, and in the long run it will wear away the national economy.”

Soltani admitted that fewer analysts and government officials are still calling the sanctions ineffective.

Three days ago, a spokesman for Iran’s Foreign Ministry said sanctions against Iran will only hurt the countries imposing them. He also insisted that the U.S. dollar’s rise against the rial was in no way connected to recent sanctions.

Iran’s currency has been in free fall in recent weeks following the announcement of sanctions against Iran’s Central Bank.

The head of Iran’s Central Bank told Mehr News Agency that it has a new plan to stabilize the rial but he refrained from giving any details.

The official rate for the dollar is set at 1,400 toumans today, and in recent days it has traded as high as 1,800 toumans on the black market. At this same time last year, the dollar was trading at about 1,000 toumans.

Click here to have Eurasia Review's newsletter delivered via RSS, as an email newsletter, via mobile or on your personal news page.

Radio Zamaneh

Since 2006 Radio Zamaneh has successfully facilitated Persian writers, Islamic scholars, prominent Iranians and personalities at the heart of Iranian culture to provide their views and thoughts.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.