Currency fluctuations followed enemy’s frustration with failure of riots: Iran govt.

The Iranian administration’s spokesman say the recent fluctuations in the national currency’s value was triggered concurrently with the enemy’s frustration with the failure of the foreign-backed riots that erupted in the country in September.

Ali Bahadori-Jahromi defended the Raeisi administration’s performance in stabilizing the currency market before the recent fluctuations, adding, however, that the exchange rate began to spike due to the enemy’s plots.

“This administration created relative stability in the currency market for about one year and three months. But, the foreign currency exchange rate has increased since [November], coinciding with the enemy’s disappointment with the street riots,” he said.

Bahadori-Jahromi noted that the currency volatility is aimed at creating economic insecurity, dissuading investment, and halting economic growth.

In recent months, he went on to say that, Iran’s oil sales and exports have increased with the non-oil trade balance turning positive. “Yet, even if we don’t sell oil, the country’s foreign exchange needs will be met.”

“Almost always, the supply of [foreign] currency … has been more than its demand. Given these conditions, the price should naturally come down, but it is increasing in the free market because of the creation of expectations as well as media and psychological hype,” he added.

Iran’s rial rebounds from historic low amid heavier CBI intervention

Iran’s rial starts to recoup part of losses it suffered in recent days amid heavier cenbank intervention.

Violent riots broke out in Iran last September after the death of Mahsa Amini. The 22-year-old fainted at a police station in Tehran and was pronounced dead three days later in hospital. An official report by Iran’s Legal Medicine Organization concluded that Amini’s death was caused by an illness rather than alleged blows to the head or other vital body organs.

During the months-long unrest, rioters went on a rampage, brutally attacking security officers and causing massive damage to public property.

Iran’s intelligence community has said several countries, including the United States and Britain, have used their spy and propaganda apparatuses to provoke the recent wave of unrest, which left dozens of people and security personnel dead.

Enemies’ plots behind some foreign exchange woes: Minister

In similar remarks on Monday, Iranian Interior Minister Ahmad Vahidi said that some of the developments concerning the foreign exchange rate stem from the enemies’ conspiracies.

He declared that the duties of the intelligence and security agencies will change to take action in this regard.

“After the riots, the enemy officially announced that it would attack the country’s economy, something which was already on their agenda,” Vahidi said, citing recent sanctions and currency issues as examples of the enemy’s interference in Iran’s economic situation.

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