Dealing with crippling sanctions that have sent the country economy and its currency in a death spiral
TEHRAN, Iran – Dealing with crippling sanctions, that have sent the country’s economy and its currency in a death spiral, and facing protests within the country, as financial difficulties increase – Iran has now vowed to return to dangerous threats.
In May this year, after the U. S. President Donald Trump withdrew his country from the Iran nuclear deal, the decision pushed the rial into a death spiral and Iran’s home currency has been rapidly depreciating against the dollar since then.
In the four months after that, before sanctions were to be reimposed, the rial lost about half of its value as the country’s economy continued to weaken.
As financial difficulties at local banks increased and anger within the country grew over falling salaries set against the rising cost of living, water shortages and power outages, the embattled country sought to urge the other countries that were part of the deal to continue support.
However, threatened with tough action by Trump, who vowed to punish any country that continues trade and business with Iran – Tehran has become more isolated that ever.
Dealing with multiple troubles, now Iran has declared that it plans to boost its ballistic and cruise missile capacity, in defiance of sanctions.
Iran, which has maintained that its missile programme is solely defensive in nature, has continued to deny requests and demands from the U. S. and European countries to negotiate the nuclear deal.
Tehran has argued that its plans to develop missiles are not linked to its 2015 nuclear accord with world powers.
On Saturday, the Iranian state news agency IRNA quoted a senior Defence Ministry official as saying that the country plans to boost its ballistic and cruise missile capacity, as well as acquire new generation fighter planes and submarines.
IRNA quoted Mohammad Ahadi, deputy defence minister for international affairs as saying, “Increasing ballistic and cruise missile capacity… and the acquisition of new generation fighters and heavy and long-range vessels and submarines with various weapons capabilities are among the new plans of this ministry. »
Ahadi is said to have further addressed Tehran-based foreign military attaches and said that international sanctions had failed to hamper the development of Iran’s arms industry.
Ahadi was quoted as saying, “We have the necessary infrastructure and what we need to do is research and development, and at the same time upgrade and update the defence industry while relying on the country’s very high scientific capacities and tens of thousands of graduates in technical fields and engineering. »
