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Enemies have launched "economic battle" against Iran: Iranian president

10-03-2012 06:09 BJT

Iranian President Mahmoud Ahmadinejad said Tuesday that the West has launched an "economic battle" against the Islamic republic.

The enemies have targeted Iran's oil and banking sector to put pressure on the country, Ahmadinejad said here at a press conference, emphasizing that the Western sanctions aim to hit the Iranian people, not the government.

The enemies have launched the "economic war" against the country and "have succeeded in reducing Iran's oil sales to some extent." "This is a battle, but the government will try to deal with the issue and find a way out," said Ahmadinejad.

Since the enemies failed to confront Iran in the "practical field," they have resorted to a "psychological war" to put pressure on Iran's economic and financial sector, he said while replying to a question concerning the steeply depreciation of Iranian currency value against foreign currencies over the past days.

The instability in Iran's currency market was not caused by the government's economic policies, the Iranian president said, adding that it has emerged due to the "psychological war" followed by the "economic war" of the West.

Ahmadinejad said that since the "unreal condition" has been imposed on the currency market by "economic war" and " psychological war," the rates are "unreal."

Asked about the real value of Iran's rial against U.S. dollar, he said that it should be the one he mentioned years ago -- one dollar for 7,000 rials.

The Iranian currency's value depreciated sharply during the past days. On Tuesday, one U.S. dollar was traded for about 36,500 rials in Tehran's street market, according to exchange-tracking website www.mazanex.com.

Analysts said Iranian rial's value suffers further depreciation due to the mismanagement of the country's economic and financial sector, as the West tightened sanctions against Iran's financial, energy and petrochemical sectors over the Islamic republic's disputed nuclear program.

Editor:Wang Shuo |Source: Xinhua

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