Wednesday, 14 November, 2018

Iran sets currency rescue ahead of reimposed sanctions

The Iranian rial has lost nearly two-thirds of its value since the start of the year World View Iran’s Anti Government Protests Expand as Rial Currency Plummets AFP 1 Aug 2018
Charlie Simmons | 06 August, 2018, 06:42

A mass exodus of global investment in Iran would be a death blow to the Iran nuclear deal. While the Trump administration has said it wants to cut Iranian oil exports to zero by November 4, most analysts viewed that target as unlikely.

He was responding to a July 22 warning from Rouhani that the US should not "play with the lion's tail" and warned that any conflict with Iran would be the "mother of all wars".

"I'm ready to meet anytime they want to", Trump said of Iran during a joint press conference with Italian Prime Minister Giuseppe Conte on Monday.

Tension between Iran and the United States increased after US President Donald Trump's decision to withdraw from the deal in May and to re-impose economic sanctions on Tehran.

Over the weekend, Trump once again floated the idea of meeting, tweeting "I will meet, or not meet, it doesn't matter - it is up to them!" United Nations inspectors said Iran was complying with the deal, but Trump argued that it didn't do enough to curb Iran's malign activity in the region.

"China always holds the view that JCPOA is a multilateral deal which is verified and approved by the United Nations Security Council and accords the common interests of all parties and the global community, which must be respected and safeguarded so as to maintain the authority of the United Nations, the effectiveness of multilateral deals and the credibility of the worldwide rules", Yi reportedly said.

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Instead, Iran hopes to improve relations with Europe, who it hopes will fearless U.S. sanctions to continue to buy its oil. "They've got to behave like a normal country".

Takht Ravanchi said any compensatory measure by the EU must take place before the USA sanctions, because any European action will be totally useless once the US sanctions come into force and the customers refrain from buying Iran's oil.

That's according to two European diplomats involved in negotiations with the Trump administration over how sanctions would be re-imposed. The strait at the mouth of the Persian Gulf is crucial to global energy supplies as about a third of all oil traded at sea passes through it.

Earlier this week on Tuesday, hundreds of Iranians had rallied across the country, including Ahvaz, Isfahan, Karaj, and Shiraz in protest of growing economic difficulties, high inflation caused partly by the weak Rial. Since the beginning of 2018, Iranians have been protesting against rising prices, growing power cuts, water shortages and alleged corruption.

Late on Friday, riot police intervened to disperse about 500 people chanting slogans against the government in the town of Eshtehard, 100 km (60 miles) west of Tehran, Some protesters threw rocks and bricks and damaged a Shiite Muslim seminary, the semi-official news agency Fars reported.

Mohammad Ali Jafari, commander of the Islamic Revolutionary Guard Corps (IRGC), jumped the gun and said the Iranian people would not permit any politician to sit down and talk to Trump.

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