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Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei addresses a group of ordinary Iranians at a meeting in Tehran, Aug. 13, 2018. (Photo by IRNA)<\/p>\n\n
Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei says while foreign sanctions hurt Iran's economy, most of the country\u2019s economic problems are\u00a0the result of internal mismanagement.<\/strong><\/p>\n\n \"Economic experts and many officials believe the cause of this issue is not foreign, it's internal. Not that sanctions do not have an impact, but the major impact is related to performances,\u201d the Leader told ordinary Iranians at a meeting in Tehran Monday.<\/p>\n\n Iran\u2019s national currency has lost much of its value since the beginning of the year, especially after US President Donald Trump abandoned a nuclear deal with Tehran and announced new sanctions on the Islamic Republic.<\/p>\n\n \u00a0<\/p>\n\n \u201cAll people feel livelihood problems today. A section of the people is really under the pressure and the high prices of food, housing and other things are pressuring them,\u201d Ayatollah Khamenei said.<\/p>\n\n \u201cThe devaluation of the national currency is one of the current economic problems. When the price of the rial comes down, it is the daily-paid employee who ends up with nothing left,\u201d the Leader added.<\/p>\n\n Iranians are bracing for new US sanctions, the first wave of which was unleashed by Trump last week, targeting Iran's financial, automotive, aviation and metals sectors.<\/p>\n\n The US president also pledged that the second wave will \u201cratchet up to yet another level\" on November 4, hitting Iran\u2019s oil and gas and banking sectors.<\/p>\n\n \u00a0<\/p>\n\n Ayatollah Khamenei said, \u201cIf the actions [by government officials] are better, more prudent and timely and stronger, the sanctions will not have much effect.\u201d<\/p>\n\n The Leader touched on the turmoil in the foreign exchange and gold coins market, calling it the result of \u201cimprudence and neglect\u201d by certain officials who caused government dollars to end up in the hands of manipulators.<\/p>\n\n \u00a0<\/p>\n\n \u201cThis problem is related to management and executive policies,\u201d Ayatollah Khamenei said.<\/p>\n\n \u201cWhen they distribute foreign currencies and coins in the wrong way, this distribution has two sides: one who takes it and one who gives it. We are all after the one who takes it, while the main fault rests with the one who gives it. We do not call it treason, but it is a big mistake,\u201d the Leader said.<\/p>\n\n \u00a0<\/p>\n\n Rial\u2019s devaluation has presented\u00a0the government of President Hassan Rouhani with possibly the\u00a0most serious quandary.<\/p>\n\n \u00a0<\/p>\n\n \u00a0<\/p>\n\n \u00a0<\/p>\n\n \u00a0<\/p>\n<\/div>\n\n \u00a0<\/p>\n<\/div>\n\n In April, the government lowered the official value of the rial versus the dollar in order to stamp out the free currency market, unifying official and free-market rates at a single value of 42,000 to the dollar.<\/p>\n\n However, the strategy\u00a0badly backfired as it generated an underground network of forex sellers who stoked further depreciation of the national currency.<\/p>\n\n \u00a0<\/p>\n\n A sharp rial drop resulted in a jump in inflation rates as consumer prices grew. It also prompted a registration flurry of new companies which had access to government dollars at concessionary prices.<\/p>\n\n Those new companies\u00a0started importing high-demand commodities with dollars at a rate of 42,000 rials and selling them at inflated prices for profit.<\/p>\n\n \u00a0<\/p>\n\n On Sunday, the Judiciary said\u00a0Iranian authorities have arrested 67 people in a drive against financial crime.\u00a0<\/p>\n\n Special\u00a0courts are being set up to try suspects quickly after Ayatollah Khamenei agreed with a request by Judiciary chief Ayatollah Sadeq Amoli Larijani to\u00a0swiftly deal with financial criminals.<\/p>\n\n
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