Iran's parliament held a closed-door session on Wednesday to discuss the country’s economic situation as the Iranian currency, Rial, is bouncing back against US dollar.

Iran PressIran news: The parliament (Majlis) session was held in the presence of Iran's First Vice President Eshaq Jahangiri to discuss country's economic woes.

According to an Iran Pres report, Jahangiri told lawmakers about government's handling of Iran's economic struggles in the face of US sanctions.

last day he apologized to Iranians over economic problems and said that state authorities are working “day and night” to tackle them.

Jahangiri said the government is aware of the conditions and difficulties faced by the people.

“Part of these hardships is the result of US sanctions and pressures, but what's important is that Iran has a lot of potentials and capacities, and in addition to these capacities, there is an enormous manpower in the country,” he added.

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The government is currently on damage control, implementing a series of measures which are beginning to bear fruit, helping the rial claw back some losses.

On Saturday, a top body headed by Iranian president, Hassan Rouhani and the heads of parliament and the judiciary gave the central bank governor the necessary authority to intervene in the foreign exchange market and to manage it.

The decision on the first trading day of the week saw the rial recoup some of its losses and trade at around 174,300 per dollar.

The resurgence continued on Tuesday, with the greenback slumping to around 105,000 rials, the Fars news agency reported.

The rising value of rial has made people rush to exchange their foreign bank notes for Iranian money.

Foreign currency values began to rise in Iran after the US withdrew from the 2015 Iran nuclear deal in May and announced plans for a fresh wave of sanctions against the Islamic Republic.

The fall of Iran’s currency has resulted in steep rises in the prices of commodities and led to a surge in the cost of living.

On May 8, US President Donald Trump pulled the US out of the The Joint Comprehensive Plan of Action (JCPOA) reached between Tehran and the world powers in 2015.

Washington has since told countries they must stop buying the OPEC producer's oil from November 4 or face financial consequences.

Under the JCPOA, Iran undertook to put limits on its nuclear program in exchange for the removal of nuclear-related sanctions imposed against Tehran.

Iranian president, Hassan Rouhani, addressing world leaders at the 73rd UN general assembly meeting has emphasized that unfair US unilateral sanctions can be viewed as a form of economic terrorism.

Besides sanctions, Trump administration is pursuing regime change in Iran.  Referring to recent riots in some cites in Iran, US Secretary of State Mike Pompeo claimed that Iranians are not happy and US want them to have a strong voice in who their leadership will be.


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