The fight for currency continues in the country of Iran. Iran’s president refused efforts of US to replace all UN sanctions on the country as rising economic pressure from Washington shifted the local currency down to its lowest level ever on Sunday. Iran’s currency dropped to 272,500 to the US dollar at money exchange shops across Tehran. The country has lost more than 30 percent of its significance to the dollar since June as all-embracing US sanctions on Iran continue to break its ability to sell oil across the world.
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Iran’s currency stood at 32,000 rials to the dollar at the time of Tehran’s 2015 nuclear deal with world powers, which was signed by the Obama administration but which the Trump administration pulled the US out of. As the currency plummeted, Iran’s President Hassan Rouhani slammed the Trump administration’s declaration Saturday that all UN sanctions against Iran have been reimposed because Tehran is not complying with the nuclear deal. “If America uses its bullying ... and does something in practice, it will have to face our decisive response,” Rouhani said in a Cabinet meeting held on Sunday.
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Rouhani stated that, if the deal’s remaining signatories fully carry out their duties under the agreement, Iran will walk back its steps away from the deal. For Iran, being able to sell oil remains its most important matter. The US move to reimpose penalties has been termed as illegal by most of the rest of the world and sets the stage for an ugly showdown at the world body ahead of its annual General Assembly this week. Even before the US declaration, other Security Council members had resolved to ignore it.
