March 23, 2023

Dubai Week

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Deterioration of Iran’s currency threatens to fuel protests

Tehran blames a “conspiracy by enemies” for exacerbating the currency crisis

Monday – 6 Shaaban 1444 AH – 27 February 2023 AD Issue no. [16162]

London: Adel al-Zalmi

The Iranian government has warned of a “conspiracy” aimed at provoking popular protests, following a fresh rise in foreign currencies after Iranian financial markets saw dramatic gains. The dollar in particular, ahead of the Iranian rial, has been battered by the whirlwind of a crumbling economy as a result of US sanctions.
The Iranian currency, the Rial, continued its slide against foreign currencies. Yesterday morning, the price of one dollar in the informal market reached 601,500 riyals, it fell to 580,000 riyals by the end of the financial working day, and it reached 575,000 riyals on Saturday, according to data from the foreign exchange website.
“We consider the recent events in the country on the currency issue to be a coup,” Interior Minister Ahmed Vahidi said, but added that “inflation is one of our chronic economic problems.” However, he said, “We do not see that only economic reasons are involved in the inflation of the currency market, rather it is a conspiracy perpetrated by the adversaries.”
Officials fear that protests against livelihoods and others for environmental reasons will erupt. Government agencies are trying to restore peace to the country, including water shortages, after the protests that erupted last September subsided.
Vahidi said: “When the enemy did not achieve results in rioting, it intervened in the economic scene and the currency issue. In order to make it a basis for fomenting unrest in the country.
Vahidi’s comments came a day after members of parliament criticized “contradictions of the authorities” during a closed session attended by the government’s economic committee headed by Iran’s first vice president, Mohammad Moghar.

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