IFP Exclusive

“Iranian Government to Resolve Economic Crisis Soon”

Iran’s First Vice-President Es’haq Jahangiri says the new economic conditions in Iran will not continue and the government plans to introduce a new foreign currency package to deal with the situation.

“We must take care of the lives of the people in the new circumstances facing the country and not let them, especially the poor ones, be affected,” Jahangiri said on Monday in reaction to the historic plunge in the value of Iran’s national currency.

The government’s priority is to protect the lives of people, especially the poor, against sanctions, he said, addressing a meeting of Resistance Economy Committee.

“The basic commodities, pharmaceuticals and essential needs of the people should be provided with official-rate currency and be made available to the society in abundance,” stressed Jahangiri.

He also underlined that the United States wants to impact public opinion before it imposes the sanctions and, in their own words, they want to launch an economic war against the Iranian nation.

“If we can handle this situation well and pass the country through this stage, the Iranian economy will become stable and economic indices become positive again.”

He went on to say that sanctions create problems but also provide opportunities for the country, one of which is in the industry sector.

“The central bank is seriously looking to review foreign exchange policies and present a new package for managing the foreign exchange market. Once the central bank’s package is finalised, all related organisations will be required to accompany the central bank in implementation of the proposed package,” he noted, adding that the package is expected to stop fluctuations in the foreign exchange market, and return stability to the country’s economy.

A dramatic decline in the value of the Iranian rial has increased the prices of imported consumer goods and depressed some markets in the past few months.

On Monday, one US dollar was traded for IRR 120,000 in the free market, leading the government to face a strong backlash from political and social circles for its handling of the economy.

IFP Editorial Staff

The IFP Editorial Staff is composed of dozens of skilled journalists, news-writers, and analysts whose works are edited and published by experienced editors specialized in Iran News. The editor of each IFP Service is responsible for the report published by the Iran Front Page (IFP) news website, and can be contacted through the ways mentioned in the "IFP Editorial Staff" section.

Recent Posts

Iran strongly condemns Israeli official West Bank annexation comment

Iranian Foreign Ministry Spokesman has strongly condemned an Israeli cabinet minister’s statement regarding the annexation…

9 hours ago

Minister: Iran’s population will decrease to 35 million in over 7 decades

Iran’s interior minister issues a stark warning about the aging population of the country if…

9 hours ago

Iran reeling from murder of heart specialist

Iranians are still reeling from the murder of a heart specialist in the country where…

12 hours ago

Heavy autumn snow blankets Damavand

The first autumn snow has whitened the heights of northeastern Tehran.

12 hours ago

Iran says 4 Israeli-backed terrorists killed, 7 injured in anti-terror operation

An Iranian official has announced that four mercenary terrorists affiliated with the Zionist regime were…

12 hours ago

US says to continue sending arms to Israel despite dire conditions in Gaza

The United States will not change its policy on weapons transfers to Israel even though…

14 hours ago