News ID: 274441
Published: 0208 GMT September 20, 2020

Rouhani: Uninterrupted supply of basic goods most important sign of sanctions failure

Rouhani: Uninterrupted supply of basic goods most important sign of sanctions failure
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Iranian President Hassan Rouhani described Iran’s ability to supply the basic goods and raw materials needed in the country despite the restrictions as the most important sign of the failure of sanctions.

"The most important sign of the failure of the sanctions imposed on Iran’s economy is that despite the many restrictions put on the country’s oil sales and foreign currency earnings, the supply of basic goods and raw materials needed in the country, is being done without interruption," President Rouhani told a meeting of the Cabinet's Economic Coordination Board.

Rouhani stressed that the supply of foreign currency required for the current Iranian year (1399) and the approved strategic storage of the forex should continue to be a priority for the Central Bank, according to the president’s official website.

The US reimposed illegal sanctions on Iran following its unilateral withdrawal from the Iran nuclear deal in 2018.

The sanctions have targeted Iran’s oil sales, resulting in significant drop in the earning of the country’s foreign currency.  

The Iranian rial fell to a record low against the US dollar on the unofficial market on Sunday, a day after Secretary of State Mike Pompeo announced Saturday that the US will reimpose UN sanctions on Iran amid increasing tensions in the region.

The dollar was offered for as much as 273,000 rials, up from 267,800 rials on Saturday.

Iran has dismissed the US move as “void and illegal” and UN Secretary-General Antonio Guterres told the Security Council on Saturday he cannot take any action on the US declaration.

Iran’s rial has lost about 50% of its value in 2020.

 

 

   
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