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Iran suffers currency crisis due to US sanctions

November 5, 2020 at 1:00 am

A woman walks past a mural painted on the outer walls of the former US embassy in the Iranian capital Tehran on 20 September 2020. [ATTA KENARE/AFP via Getty Images]

The Iranian government stated on Wednesday that the country is suffering a foreign currency crisis due to US sanctions.

Government Spokesperson Ali Rabiei announced in a press conference, following a government meeting in the capital of Tehran, that the increase in the prices of goods is mainly caused by the shortage of foreign currencies generated by the US sanctions.

Rabiei added: “We have to accept that we do not have a sufficient reserve of foreign currencies, but we are making a double effort to secure the necessary amount of foreign currencies to meet the people’s necessary needs.”

The US withdrew from the nuclear deal with Iran in May 2018, and imposed sanctions on Tehran in August of the same year to push it to sign a new agreement limiting its regional influence.

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