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Central Bank of Iran: We can not provide hard currency


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  • yota691 changed the title to The United States dismantled the Quds Force's Guards Forces Corps

The United States dismantled the Quds Force's Guards Forces Corps

 

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  • 1397/04/21

Assistant Secretary of State Treasury Sigal Mandlerek

Assistant Secretary of State Treasury Sigal Mandlerek 


US Treasury Secretary Sigal Mandler said the country, along with the United Arab Emirates, broke down the illegal network that sent millions of dollars to Iran.

Reuters Release July 21, 97:

Dubai, a senior US official on Thursday said the United States and the United Arab Emirates were breaking a network that had fired illegally into Iran. The move comes at a time when Washington is pushing for a move to restrict trade and access to Iranian cash in the region.

"We jointly broke a foreign exchange network that transferred millions of dollars to the Revolutionary Guard Corps," said Sigal Mandlker, deputy minister for terrorism and financial information at the Treasury.

He said the network was dismantled in May.

Use of Quds Force from UAE financial system
The Quds Force Network used the Emirates financial system to
convert currencies to transfer cash from Iran and convert it to US dollars for use by pro-regime groups sponsored by the Iranian regime.

Mandlark told reporters that the network, under the guidance of the senior officials of the Central Bank of Iran, forged documents and hid their deals behind cover companies. He did not provide details of the operation .

In early June, the Central Bank of the United Arab Emirates announced that it has limited its operations to seven currency exchange bills for violations of anti-money laundering and other regulations.

UAE Central Bank and UAE government press office on Thursday immediately to questions about the rigor explained by Mndlkr response provided did not.

Mandlakar was visiting the UAE after doing similar trips to Saudi Arabia and Kuwait to provide support for the American effort to put pressure on Iran. This is after President Donald Trump decided to withdraw from the international agreement on Iran's nuclear program and re-enforce the sanctions against Tehran.

Gulf states' cooperation to counter the money laundering of the Quds Force
Assistant Treasury Secretary Sigal Mandalkar said the governments and financial institutions in the Gulf have worked closely with the United States because they agreed on Tehran's vicious influence in the region. Mandelkark said Washington was trying to restrict Iran's trade in general, not just selling its oil and gas, which supplies more than half of its export revenues.

But Washington may be working hard to realize a sharp decline in Iran's trade with the United Arab Emirates. Dubai has traditionally served as a center for exports to Iran, and has received Iranian investment in its businesses and real estate markets.

According to the International Monetary Fund (IMF), the United Arab Emirates exports to Iran in 2017 totaled $ 19.9 billion, or about 5 percent of GDP.

When asked about Mandlkark in this regard, he said that Washington has an "excellent partnership" with the UAE. "There is no ambiguity in my mind that in working together we can take significant action (against Iran) to disrupt their ability to finance themselves," he said.

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  • yota691 changed the title to An Iranian official expects the exchange rate to fall within days
Iran / Iran date: 2018 Jul / the July 15 - GMT 12:57
 
 
 

Sadek Najafi, Assistant Minister of Industry, Trade and Mines of Iran, expected the exchange rate to fall in the coming days.

Najafi said at a ceremony honoring 31 typical industrialists in Isfahan on Sunday that the exchange rate decline came within days after the launch of the secondary foreign exchange market last Wednesday.

Iran has launched a secondary market for foreign currencies, which operates according to a consensus mechanism for the exchange rate between exporters and importers.

The governor of the Central Bank of Iran and Crown Prince of God, said earlier in this regard, that the secondary market will work according to the mechanism of the agreement source and importer to exchange foreign currency, and the registration of this agreement in the comprehensive trading system.

Saif said that the exchange rate in the secondary market will be determined according to supply and demand.

Iran set a single foreign exchange rate ($ 42,000) in March and banned foreign currency trading in the free market.
 

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  • yota691 changed the title to Poverty gripping Iran .. Figures reveal the collapse of the economy

Poverty gripping Iran .. Figures reveal the collapse of the economy

18-07-2018 11:32 AM
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Baghdad News -

 

 

WASHINGTON (Reuters) - Iran has experienced a painful economic downturn in the last four decades of mullah rule, according to new statistics released by the World Bank on Wednesday, according to Iranian opposition media.

 
Iranian leaders, who boast of a large military presence in the region, seem to be oblivious to the economic collapse of the country and do not pay the least attention to the suffering of their citizens. 

According to World Bank figures, Iran's economy has fallen from 17th to 27th place worldwide over the past four decades. 

According to Radio 'Fardi', which is broadcast from outside Iran, the paper of 10 thousand Iranian riyals was equal before 1979 about $ 150, but now is just over 10 cents in the volatile exchange market in Tehran. 

The World Bank estimates that per capita GDP in Iran based on the real purchasing power of the Iranian currency between 1976 and 2017 reveals that during this period the average Iranian citizen was 32 percent poorer.

Masoud Nili, economic adviser to Iranian President Hassan Rowhani, said Iran's current per capita income was 70 percent of its per capita income in 1976. 

In other words, this confirms that Iranians have become 30 percent poorer over the past four years. 

Most importantly, Iran is not a resource-poor country. The country's fossil fuel and oil reserves are higher than those of other oil-producing countries. 

But the corruption that has plagued state institutions over four decades of mullah rule has made the average citizen face a difficult fate and a life of austerity that the Iranians have never experienced before.

 

 
 
 
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Iran appoints new governor of the central bank on the impact of the economic crisis

Iran appoints new governor of the central bank on the impact of the economic crisis

Source: Al-Nour News / AFP

Iran appointed Abdel Nasser Hamati as the new governor of the central bank, amid repercussions from banking scandals and difficulties plaguing the country's economy.

According to the official IRNA news agency, Hamati appointed Ali Waliullah Saif, who has served as governor of the central bank since the election of President Hassan Rowhani in August 2013.

The new governor, Abdel Nasser Hamati, 61, served as president of Iran's Central Security Agency and general manager of Sina Bank and Bank Melli, and was chosen to represent Iran as ambassador to China before being appointed to the new post.

The central bank has been criticized especially for its handling of the cash crisis, and the loss of the Iranian riyal more than half of its value against the dollar last year.

An attempt last April to impose a fixed rate for the riyal led to a boom in currency exchange on the black market, forcing the bank to back down from its plan and later causing the currency to fall to record highs in June.

Iran's cash crisis coincided with Washington's announcement in May of its withdrawal from the 2015 nuclear deal and the re-imposition of economic sanctions on Tehran, putting more pressure on the riyal.

Washington also imposed individual sanctions on Saif in May and accused him of helping Iran's Revolutionary Guards divert millions of dollars to Hezbollah.

For his part, Rohani thanked Saif for his "strong and serious service," adding that "the government has full confidence in my safety."

Post on the web sites!

https://alnoornews.net/archives/177997/إيران-تعيّن-محافظًا-جديدًا-للبنك-المر/

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https://sputniknews.com/business/201807251066684826-iran-working-on-digital-currency/...

Iran Readies Own Digital Currency to Get Around US Sanctions – Reports

Souvenir coins with the cryptocurrency logos of Bitcoin, Litecoin and Ethereum

Iran Readies Own Digital Currency

Iran Readies Own Digital Currency to Get Around US Sanctions – Reports

to Get Around US Sanctions – Reports

BUSINESS
21:21 25.07.2018(updated 21:39 25.07.2018)Get short URL
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Tehran and its partners around the world are looking at a number of ways to get around the economic consequences of US sanctions which are expected to kick in later this year.

The Directorate for Scientific and Technological Affairs of the Presidential Office, a powerful Iranian agency charged with scientific matters, has plans to create a domestic digital currency, PressTV has reported, citing local media.

Alireza Daliri, the Directorate's deputy for management and investment affairs, said that a large number of Iranian knowledge-based companies working in cooperation with the Central Bank of Iran have the expertise to create a national cryptocurrency, but noted that some time would be necessary to remove any possible pre-launch bugs.

"We are trying to prepare the grounds to use a domestic digital currency in the country," Daliri said. "This currency would facilitate the transfer of money (to and from) anywhere in the world. Besides, it can help us at the time of sanctions," he added.

 

Earlier this year, Iran's Ministry of Information and Communications announced that Iran had created an "experimental model" version of a state cryptocurrency. The announcement came after the Central Bank banned the use of Bitcoin and other cryptocurrencies in the Islamic Republic amid concerns that they were being used for money-laundering.

 

In April, Information and Communications Technology Minister Mohammad Javad Azari-Jahromi said that the Iranian cryptocurrency would help Iran circumvent sanctions if it went live. "All cryptocurrencies are capable of circumventing sanctions, because they are not under the supervision of the US financial regulatory body, and the national digital currencies are naturally capable of this," he said.

 

In May, President Trump withdrew the United States from the 2015 Joint Comprehensive Plan of Action (JCPOA) and promised to reimpose US sanctions which had been lifted as part of the nuclear deal. The sanctions include a ban on Iran's purchase of US dollars (a major currency used for world trade), set to come into force next month, as well as sanctions against countries or companies which purchase Iranian crude oil. The latter are expected to step into force in November.

 

Iran is one of several countries experimenting with digital currencies amid political and economic pressure from the United States. Earlier this month, Venezuela announced that it would issue 100 million units of an oil-backed digital coin dubbed the 'Petro' worth $6 billion to get around liquidity shortages caused by US sanctions.

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  • yota691 changed the title to Iran appoints two new heads of key financial agencies
 
July 25, 2018 at 9:54 am | Published in: IranMiddle EastNews
MPs cast their votes during a vote of confidence session on the President Hassan Rouhani's cabinet in Tehran on August 20, 2017 ( Fatemeh Bahrami - Anadolu Agency )
MPs cast their votes during a vote of confidence session on the President Hassan Rouhani's cabinet in Tehran on August 20, 2017 ( Fatemeh Bahrami - Anadolu Agency )
 
July 25, 2018 at 9:54 am
 

Iran’s cabinet appointed new heads at two of the government’s top economic institutions, as the country grapples with a faltering economy and a sliding currency that have provoked public protests, Reuters reported.

Abdul Nasser Hemmati was appointed to replace Valiollah Seif as governor of the central bank, according to the IRIB news agency. The agency gave no explanation for why Seif was dismissed.

In May, the United States imposed sanctions on Seif, accusing him of “moving millions of dollars” for Iran’s Revolutionary Guards.

 

Hemmati was formerly the managing director of Bank Melli and Sina Bank, IRIB said.

Ali Tayebnia was appointed head of the Management and Planning Organisation of Iran, which drafts the country’s annual budget, according to the Tasnim news agency.

Tayebnia served as minister of economic affairs and finance during President Hassan Rouhani’s first term.

Recent months have seen the return of protests on to the streets of Tehran as Iranians call on the government to leave Syria and concentrate on domestic policies. Iranians have been struggling to make ends meet and fear US sanctions which are expected to come in to place in November will cause further damage to their economy.

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A rapid collapse in the Iranian Toman exchange rate

2972018151139sss.jpg

6 hours ago

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The price of the Iranian currency against the dollar, on Sunday, to an unprecedented level in the history of the country, the value of one hundred dollars, one million Iranian Toman.

On the Iraqi stock exchanges, the price of the Iraqi dinar rose against the Iranian Toman to 100,000 dinars compared to about 750 thousand Toman.

As the Iranian currency continues to decline, exchange shops in the central market in central Tehran are reluctant to sell the dollar or the euro, pending market stability, the BBC reported .

He added that Iranian projects worth billions of dollars threatened by failure due to lack of funding, which is waiting for further cuts with the entry of US sanctions into force.

Iran faces imminent sanctions from the United States of America, which is following up with a drop in financial revenues due to restrictions on Iranian oil exports.

http://www.nrttv.com/AR/News.aspx?id=2818&MapID=5

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  • yota691 changed the title to Iran's central bank is breaking its silence and revealing the "causes" of the currency collapse

Iran's central bank is breaking its silence and revealing the "causes" of the currency collapse

Iran's central bank is breaking its silence and revealing the "causes" of the currency collapse
 



 Twilight News    
 27 minutes ago

The latest developments in the exchange and gold market have been "organized by the country's enemies" who seek to "destabilize" Iran's economy. 
The Iranian Central Bank said in a statement quoted by Fars News Agency that the developments in the exchange market and gold are not commensurate with the economic realities and the potential of the country in this area. 
The Iranian central bank said that, based on its own and legal responsibility, it carefully monitors recent developments in the foreign currency and gold exchange market, "often caused by a plot of enemies of the country, which is in the context of creating economic turbulence and undermining the psychological calm of citizens." 
The statement said that the Central Bank is currently preparing necessary programs and new approaches contained in the program announced by the Governor of the new Central Bank, will be activated in the coming days and announced as required in this area.
This is the first acknowledgment by the monetary authority in Iran of the difficulties faced by the riyal, and the existence of a large gap between the official exchange rates announced by the bank and trading in the markets. 
According to the site Bonbast one of the most accurate sites that the Iranian currency, it reached about 111 thousand riyals against the dollar, compared to 42 thousand dollars the price announced by the Central Bank. 
In an effort to control the gap, the Finance Ministry announced on Saturday the allocation of $ 18 billion to cover imports at the official exchange rate. Iranian Finance Minister Masood Karbasian said that imports to be covered at the official price are the first category, which includes commodities, medicines and industrial sectors .
Iran has been embroiled in a new economic crisis since the administration of US President Donald Trump decided to break the nuclear deal, imposing sanctions on Iranian exports and threatening its countries and institutions with sanctions if Iran continues to export oil from November 4.

Keywords: 

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fit

The Iranian currency fell to a new record low on Monday, reaching $ 100 million against 1.5 million tomans, with the Iranians preparing for August 7, when the United States reinstates a first-wave of sanctions on their economy.

According to the banking shops, the Iranian currency fell against the Iraqi dinar as well, so that it became one hundred thousand Iraqi dinars compared to about 850 thousand Toman, after yesterday compared to 750 thousand Toman.

The Toman has lost about half of its value since last April, due to weak economy, financial difficulties in local banks, and intense demand for the dollar among Iranians who fear the impact of sanctions.

In May, the United States pulled out of the 2015 agreement between world powers and Iran, which lifted sanctions against Tehran in return for curbing its nuclear program.

 
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 2018-07-30 BY SOTALIRAQ

 

Iran's central bank is breaking its silence and revealing the "causes" of the currency collapse

 

 

Iran's central bank said recent developments in the exchange and gold markets were "tantamount to the enemies" of the country, who seek to "destabilize" the Iranian economy. 
The Iranian Central Bank said in a statement quoted by Fars News Agency that the developments in the exchange market and gold are not commensurate with the economic realities and the potential of the country in this area. 
The Iranian central bank said that, based on its own and legal responsibility, it carefully monitors recent developments in the foreign currency and gold exchange market, "often caused by a plot of enemies of the country, which is in the context of creating economic turbulence and undermining the psychological calm of citizens." 
The statement said that the Central Bank is currently preparing necessary programs and new approaches contained in the program announced by the Governor of the new Central Bank, will be activated in the coming days and announced as required in this area.
This is the first acknowledgment by the monetary authority in Iran of the difficulties faced by the riyal, and the existence of a large gap between the official exchange rates announced by the bank and trading in the markets. 
According to the site Bonbast one of the most accurate sites that the Iranian currency, it reached about 111 thousand riyals against the dollar, compared to 42 thousand dollars the price announced by the Central Bank. 
In an effort to control the gap, the Finance Ministry announced on Saturday the allocation of $ 18 billion to cover imports at the official exchange rate. Iranian Finance Minister Masood Karbasian said that imports to be covered at the official price are the first category, which includes commodities, medicines and industrial sectors .
Iran has been embroiled in a new economic crisis since the administration of US President Donald Trump decided to break the nuclear deal, imposing sanctions on Iranian exports and threatening its countries and institutions with sanctions if Iran continues to export oil from November 4.

https://www.sotaliraq.com/2018/07/30/البنك-المركزي-الايراني-يخرج-عن-صمته-وي/

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Iraqis Lose Millions of Dollars Worth of Deposits in Iran’s Banks

 
Monday, 30 July, 2018 - 10:45
 
 
a_money_changer_counts_out_us_dollars_for_a_customer_in_tehrans_business_district_iran._reuters.jpg?itok=FM9lRyPF
A money changer counts out US dollars for a customer in Tehran's business district, Iran. (Reuters)
Baghdad - Asharq Al-Awsat
A large number of Iraqi citizens lost more than half of their money in Iranian banks due to the current economic crisis in Tehran and the rapid decline of the rial's exchange rate, as the country braces for the re-imposition of US sanctions.

Several Iraqi citizens have spoken publicly about losing more than half of their money following the collapse of the Iranian currency and the loss of more than half of its value in recent months.

Iranian banks dictate that Iraqi citizens, who want to deposit money, must convert it to the national currency. They cannot withdraw the amount, in Iranian rial as well, until a year after making the deposit.

Iraqi politician and investor Mazin al-Eshaiker wrote on his Facebook page about the collapse of the currency: "The price of the note (one hundred dollars) today on the black market reached one million Iranian rials!"

Eshaiker predicted that with the implementation of the first phase of US economic sanctions against Iran on August 6, the value of the rial will fall even further. It will continue to collapse in November after the implementation of the second batch of sanctions, which would include a total ban on Iranian oil imports.

A merchant working in Baghdad’s Shorja market told Asharq Al-Awsat that many traders have deposited large sums of US dollars in Iranian banks. 

Regular citizens from Baghdad and various provinces, especially Karbala and Najaf, have also deposited their money there. They are now suffering major losses following the dramatic decline of the rial, he added.

“One of my fellow merchants put $400,000 into an Iranian bank and the current collapse in Iran's currency cost him $300,000,” he said.

Professor of International Economic Relations at the University of Iraq, Abdul Rahman al-Mashhadani, blamed the government and the Central Bank of Iraq for causing “hundreds, and possibly thousands, of Iraqi citizens to lose their savings and homes because of deposits in Iranian banks”.

He told Asharq Al-Awsat that officials should have warned citizens against depositing their money in state banks that are economically unstable, but, unfortunately, they did not.

“We have been warning (officials) for more than two years. Nobody listened to us. The 25 percent interest rate given by the Iranian banks is not reassuring,” he added.

Mashhadani believed that Iranian banks have committed “fraud in an official way,” adding, however: “You cannot blame a besieged country in need of hard currency, but the Iraqis have a responsibility not to waste their national fortune in such a manner.”

Iran’s economy has been suffering from chronic inflation for decades, said Ali al-Moussawi, an economic journalist who spent part of his life in Iran.

He explained that the central bank tried to counter the inflation by raising interest rates on the rial to 25 percent for medium-term deposits.

“Such high interests have been an irresistible incentive for Iraqi citizens,” Moussawi told Asharq Al-Awsat.

He said that “until a few months ago, the situation was fine, but US sanctions have reduced the value of the currency to about a quarter so far, meaning a decrease in purchasing power of the rial received as interest by Iraqis depositing in banks there.”

Moussawi said that the collapse of local currency created an economic shock to many of the Iraqi families that relied on these benefits in financial matters.https://aawsat.com/english/home/article/1347766/iraqis-lose-millions-dollars-worth-deposits-iran’s-banks
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The charge of "corruption in the ground" is directed at dozens of detainees in Iran

 Last Updated

2752522d-a168-40ad-a1ac-e7213bf366e3_16x

Al-Rashid News / Follow-up 
Iranian authorities announced that the charge, which was directed to dozens of detainees, who manipulated the financial system and hard currency after the deterioration of the local currency, is "corruption in the ground." 
The spokesman for the Iranian judiciary, Gholamhossein Mohseni, said that "corruption in the ground" is the charge against the majority of detainees in the case of manipulation of the economic system in the country. 
"Others have also been summoned and will be arrested," the spokesman said. 
He explained that "these individuals have been pursued because of manipulation in the monetary system and foreign currency and the disruption of the economic system in the country and will start to be tried soon." 
The execution represents one of the judgments, which may be issued on the charge of "corruption on the ground".

 

http://www.alrasheednews.com/25546/

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The closure of the shops of gold and foodstuffs in the Tehran market amid heavy security spread

 Last Updated

1f9ad50ab37d4bc38e10c08738b43320.jpg

Rashid News / Tehran

A local source said Monday that gold and food store owners closed their shops in the Tehran market amid heavy security, fearing protests could erupt in Isfahan or the capital.

The source told "Rashid News" that "the owners of gold shops and food in the Tehran market closed their shops with the spread of riot police and Basij."

He added that "the security authority is afraid of the start of protests starting in Isfahan or Tehran."

Iran is experiencing a bad economic situation in tandem with US sanctions imposed by President Donald Trump on Tehran after Washington came out of the nuclear deal.

http://www.alrasheednews.com/25536/

 

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28 minutes ago, Butifldrm said:

The charge of "corruption in the ground" is directed at dozens of detainees in Iran

 Last Updated

2752522d-a168-40ad-a1ac-e7213bf366e3_16x

Al-Rashid News / Follow-up 
Iranian authorities announced that the charge, which was directed to dozens of detainees, who manipulated the financial system and hard currency after the deterioration of the local currency, is "corruption in the ground." 
The spokesman for the Iranian judiciary, Gholamhossein Mohseni, said that "corruption in the ground" is the charge against the majority of detainees in the case of manipulation of the economic system in the country. 
"Others have also been summoned and will be arrested," the spokesman said. 
He explained that "these individuals have been pursued because of manipulation in the monetary system and foreign currency and the disruption of the economic system in the country and will start to be tried soon." 
The execution represents one of the judgments, which may be issued on the charge of "corruption on the ground".

 

http://www.alrasheednews.com/25546/

Corruption...Imagine that!!😎

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Mostapha Hassan

 

The demise of the Iranian banking system has become more likely as the US is hitting the rogue regime with more sanctions, experts have asserted.
They cited the plunging national currency. According to recent reports, the Iranian riyal hit record low, with the single dollar posting 100400 riyals. 
After the news of this deterioration broke, the Grand Bazaar in Tehran witnessed a major strike. Shop owners and traders called for the strike. Economic activists also partook in the protest.
They expressed anger at the current deteriorating economic situation. Central markets in the cities of Karj, Tabriz, al-Rai and others joined the strike.
Activists posted photos and videos online showing the police forces encircling the streets of the Grand Bazaar of Tehran. They were stationed there to forestall any attempts to get the protests to grow bigger.
Few months ago, the government declared that dollar is as equal as 42,000 Tomans.
Shop owners gathered at Sirat Maidan square in Tehran. But they were faced by the police personnel deployed there. The march was broken up.
On the parallel market, the US dollar is sold in exchange for 112,000 Tomans while the exchange rate set by the government did not exceed 44,070 per US dollar.  Last January, the government set 35,168 Tomans as the official exchange rate against the US dollar. 
Since April, the Iranian currency has lost nearly half of its market value due to the deteriorating economy and the difficulties facing transactions across the local banks. 
Commentators, citing recent figures, said the Iranian economy is about to collapse.
"Things will worsen. The US will impose the first phase of sanctions on August 7," they added, asserting that the current developments are throwing the entire political system into dilemma.
This comes as the US decided to impose sanctions on Iran as it is posing a security threat to the Middle East. It informed several nations of the necessity to stop oil imports from Tehran by November 7 lest they will face punitive measures.
On more than one occasion, the US president Donald Trump tore into the nuclear deal with Iran, signed under the Obama administration, saying it is the worst deal ever. On March 8th, the US administration withdrew from the nuclear deal with Iran in a remarkable proclamation, citing advantages taken by the Iranian regime of the deal.
The Iranian people are suffering from the woes of poverty as the regime is squandering the country's resources on military adventures beyond border. These battles are being waged on sectarian lines. 
 The regime has clamped down on those who took to the streets for protest, arresting 29 people for 'stirring rumors about the economy' on the heels of the Toman plunge.
Those who are arrested, according to spokesman of the judiciary, are accused of spreading mischief on earth. They may face the gallows for speaking up against the deteriorated situation in the ironclad theocracy.

 

 

http://www.thebaghdadpost.com/en/story/30100/Iran-currency-s-record-plunge-throws-streets-into-abyss-of-chaos-unrest

 

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  • yota691 changed the title to Central Bank of Iran: We can not provide hard currency
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