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Ahmadinejad Blames West, Opposition For Currency Plunge

October 02, 2012

Iranian President Mahmud Ahmadinejad has blamed the West and the opposition for the steep plunge in the value of the country's currency.

The rial has lost some 80 percent of its value since the start of 2012 as Western sanctions imposed against Iran over its controversial nuclear program hit oil exports generating foreign currency.

At a news conference on October 2 in Tehran, Ahmadinejad said that Iran would not give in to international pressure and end its nuclear activities, despite economic problems created by Western sanctions.

He said the sanctions had managed to "diminish a little" oil exports but said the accelerated slide in the rial's value was the result of a "psychological war on the exchange market."

Ahmadinejad critics have also blamed the currency crisis on the policies of his government.

Based on reporting by AFP, AP, and dpa

Source: http://www.rferl.org/content/iran-currency-plummets/24726405.html

Copyright (c) 2012. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave., N.W. Washington DC 20036.



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