عربي English Türkçe اردو فارسى
Logo
Latest News
World

Iran’s Currency Continues to Fall, Rouhani’s Administration Says Criticism 'Acceptable'

via TASNIM
via TASNIM
TT
TT

Iran’s Currency Continues to Fall, Rouhani’s Administration Says Criticism 'Acceptable'

via TASNIM
via TASNIM

The Iranian currency continued to fall as its rial hit a record low against the US dollar for the second time in two months over concerns about Iran's economy.

The Iranian government, according to several officials in President Hassan Rouhani’s administration, rushed to defend its performance against the harsh criticisms by the state’s newspapers although government Spokesman Mohammad Bagher Nobakht said the criticisms were "acceptable".

The rial, which had plunged through 50,000 rials to the dollar in February, depreciated to 60,000 on the unregulated market.

The rial has reached a series of records-low in recent weeks, and stood at 58,650 to the dollar at the close of business on Monday.

Several foreign-exchange dealers announced they had stopped selling both dollars and euros by late afternoon trade, according to ISNA.

After an emergency session of the government on Monday night, Vice-President Eshagh Jahangiri said the rate would be capped at 42,000 rials to the dollar and foreign exchange offices would be brought under the control of the central bank.

"Unfortunately in recent days, incidents have happened in the rate of foreign currency which have caused concern for the people," he said in comments on the state broadcaster.

He blamed "non-economic, unjustified and unpredictable factors" for driving the rial's collapse, given that its exports were performing strongly.

"There should not be such incidents in an economy that always has a surplus of foreign currency. Some say interference by foreign hands is disrupting the economic climate and some say domestic machinations are spurring these things in order to destabilize the climate in the country," added Jahangiri.

For his part, Nobakht said, “We will certainly use all of the state’s strengths and capabilities in order to, God-willing, steady the market.”

“We accept that this situation is not a good one and it’s against what we want,” he added in a statement.

Rouhani met with officials to discuss ways to intervene and stabilize the currency, Nobakht said. The measures will be implemented in coming days, he added without elaborating.

Most Viewed

 
 
World

Philippines Says its Fisheries Plane Was Threatened By Flares Fired From a Chinese Island Base

Philippine patrol aircraft (Philippine media)
Philippine patrol aircraft (Philippine media)
TT
TT

Philippines Says its Fisheries Plane Was Threatened By Flares Fired From a Chinese Island Base

Philippine patrol aircraft (Philippine media)
Philippine patrol aircraft (Philippine media)

A Philippine fisheries bureau plane was threatened by flares fired from a Chinese island base while conducting a routine patrol in the South China Sea, Philippine officials said Saturday.
It's the latest territorial spat between Beijing and Manila over one of the world’s busiest trade routes, with confrontations spreading from the disputed waters to the airspace above, The Associated Press said.
The Bureau of Fisheries and Aquatic Resources’ Cessna 208B Grand Caravan plane was flying near Subi Reef on Thursday when it spotted flares being fired from the fishing atoll, which has been transformed by China into a militarized island base, a Philippine government interagency task force said in a statement.
No other details were provided, including the distance of the flares from the Philippine plane and if it proceeded with its patrol to monitor for poachers in the internationally recognized exclusive economic zone of the Philippines.
The same Philippine fisheries plane was subjected to “harassment” on Aug. 19 when a Chinese air force fighter jet “engaged in irresponsible and dangerous maneuvers, deploying flares multiple times at a dangerously close distance of approximately 15 meters (yards)” near the disputed Scarborough Shoal, the Philippine task force said.
"The Chinese fighter jet was not provoked, yet its actions demonstrated hazardous intent that jeopardized the safety of the personnel onboard the BFAR aircraft,” according to the task force, which includes the Department of National Defense, the Armed Forces of the Philippines and the Philippine coast guard.
Chinese officials did not immediately issue any reaction, but they have accused Philippine ships and aircraft of encroaching into what they said was Chinese territory in the sea passage.
“We firmly reiterate our call on the government of the People’s Republic of China to immediately cease all provocative and dangerous actions that threaten the safety of Philippine vessels and aircraft engaged in legitimate and regular activities within Philippine territory and exclusive economic zone,” the Philippine task force said. "Such actions undermine regional peace and security and further erode the image of the PRC with the international community."
In a separate Aug. 8 dispute over the Scarborough Shoal, Philippine officials said two Chinese jets flew dangerously close and fired a volley of flares in the path of a Philippine air force patrol plane. It was the first such aerial encounter since high-seas hostilities between Beijing and Manila in the South China Sea began heating up in 2023.
Philippine military chief Gen. Romeo Brawner Jr. did not report any injuries or damage then, but condemned the Chinese actions, which he said could have had tragic consequences. The Department of Foreign Affairs in Manila eventually filed a diplomatic protest against Beijing.
“If the flares came into contact with our aircraft, these could have been blown into the propeller or the intake or burned our plane,” Brawner told reporters. “It was very dangerous.”
The Southern Theater Command of the Chinese People’s Liberation Army said that a Philippine air force aircraft illegally entered the airspace above the Scarborough, which China also claims, disrupting its combat training activities at the time.
The command said it sent jets and ships to identify, track and drive away the Philippine aircraft, and warned the Philippines to “stop its infringement, provocation, distortion and hyping-up."
The United States, Australia and Canada have reported similar actions by Chinese air force aircraft in the South China Sea, where those nations have deployed forces to promote freedom of navigation and overflight.
China has bristled at military deployments by the US and its allies in the disputed region, calling it a danger to regional security.