Economy

Mismanagement More Harmful Than US Sanctions

Mismanagement More Harmful Than US Sanctions

U.S. President Donald Trump withdrew the United States from Iran's nuclear deal with world powers in May and last week the U.S. began restoring sanctions, exacerbating a financial crisis in Iran that has sent its currency tumbling.

This is the first time Iran's supreme leader has commented.

The rial has lost about half of its value since April in anticipation of the renewed USA sanctions, driven mainly by heavy demand for dollars among ordinary Iranians trying to protect their savings.

Trump has been a frequent critic of the Iran nuclear deal and put the sanctions back in place after pulling the United States from the agreement.

State TV quoted Mr Khamenei addressing thousands of Iranians: "I ban holding any talks with America".

Washington had said Iran's only chance of avoiding the sanctions would be to accept Trump's offer to negotiate for a tougher nuclear deal.

The Iranian leader also ruled out any talks with the U.S., following last week's reimposition of sanctions after President Donald Trump pulled out of the 2015 deal aimed at curbing Iran's nuclear program.

Regarding his planned visit on October 25-26 to Turkey to boost bilateral economic ties, accompanied by a 80-member business delegation of leading companies, Altmaier said: "I represent the interests of more than 7,000 German companies operating in Turkey".

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The United States has told other countries they must halt imports of Iranian oil from early November or face US financial measures.

Ayatollah Ali Khamenei's statement was an apparent attempt to deflect public anger over the plunging worth of the rial - the currency has lost about half of its value since April - and wider economic woes due to tough new USA sanctions on Tehran.

"America's withdrawal from the nuclear deal is a clear proof America can not be trusted", Mr Khamenei told a gathering of thousands of Iranians.

The rial has lost about half of its value since April in anticipation of the renewed U.S. sanctions.

The cost of living has also soared, sparking sporadic demonstrations against profiteering and corruption, with many protesters chanting anti-government slogans.

Iranian officials have blamed "enemies" for the fall of the currency and a rapid rise in the price of gold coins, and more than 60 people, including several officials, have been arrested on charges that carry the death penalty.

As if to drive the point home, on Monday Tehran also unveiled a new generation of its short-range ballistic missiles - defying USA demands to curb the weapons programme. He says Iran must change the way it operates, including its activities in Syria and Yemen.


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