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(Bloomberg) – Iran's President, Hassan Rouhani, said the country would fight against the US's efforts to wage an economic war against him as he conducts a major cabinet reshuffle, focused on the ministries of government. # 39; s economy.
Rouhani, who is under increasing pressure in Iran to contain the monetary crisis caused by the decision of US President Donald Trump to withdraw from the 2015 nuclear deal, wants the legislator to approve the four ministers that are expected. he proposed as part of a program to reform the Iranian banking sector to galvanize the Persian Gulf country, rich in oil, against the impact of US sanctions.
"Today, our main enemy means America. She draws her sword from the scabbard and puts it in front of the Iranian people. We must fight and we must fight and we must be united, "said Rouhani in a speech to legislators before a vote of confidence in Parliament, which will decide who heads four ministries – economy and finance, industry, trade and mining; labor, as well as roads and urban development.
Despite falling records, Iran's foreign exchange and cash reserves are "at their highest level at any other time in the past," he said, without giving further details. The rial has lost about 70% of its value against the dollar on the Iranian secondary market since last year and the government has banned the import of hundreds of non-essential products to prevent foreign exchange outflows.
The next round of US sanctions against Iran will come into effect on November 5 and will seek to eliminate the Islamic Republic's revenue from oil exports, its main source of revenue.
To contact the reporter about this story: Golnar Motevalli in Tehran at [email protected]
To contact the editors in charge of this story: Riad Hamade at [email protected], Ana Monteiro, James Cone
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