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Iran: Currency collapse is a 'temporary crisis'

A vendor inspects Iranian rials at a currency exchange shop in Baghdad, Iraq August 8, 2018. REUTERS/Khalid Al-Mousily/File Photo
A vendor inspects Iranian rials at a currency exchange shop in Baghdad, Iraq August 8, 2018 [REUTERS/Khalid Al-Mousily/File Photo]

Iranian President Hassan Rouhani described the collapse of his country's currency against the US dollar over the last few days as "a temporary crisis", according to the official Iranian news agency IRNA.

During his chairmanship of the government economic committee meeting, Rouhani explained that the crisis that occurred in the foreign currency market is a temporary crisis and it is not based on economic foundations.

He added that it has emerged from the psychological war waged against Iran in the international arena to generate an unjustifiable state of concern among Iranian citizens.

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Rouhani pointed out that the return of foreign currency revenues to the country will restore the balance to the currency market.

The exchange rate of the Iranian rial has recently dropped to a historical record level against the US dollar, reaching 20,000 rials to the $1.

After US President Donald Trump unilaterally withdrew from the 2015 nuclear deal which saw sanctions on Iran lifted in exchange for limitation on its nuclear capabilities, he placed "unprecedented" sanctions on the Islamic Republic which have forced countries to cease trade with it.

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