Sound The Trumpet : U.S. Hits Iran With Currency, Auto

Must Listen

Must Read

What Art Thinks

Pre-Millennialism

Today's Headlines

Sorry... Not Available

Locally Contributed...

Audio

Video

Special Interest

Daily News

19096

“U.S. Hits Iran With Currency, Auto - Sector Sanctions”
by Jpost
June 4th, 2013

A customer buys Iranian gold coins at a currency exchange office in Tehran

The United States on Monday ratcheted up its efforts to isolate Iran for its suspected nuclear weapons program, targeting Tehran with currency and auto-sector sanctions.

US President Barack Obama imposed sanctions on foreign financial institutions that conduct or facilitate significant transactions in the Iranian rial, meant to further weaken a currency that has already lost two-thirds of its dollar value since late 2011 as a result of Western sanctions.

A senior administration official said the low level of the rial was a key vulnerability for the Iranian government.

“The objective is to take aim at the rial and to make it as unusable a currency as possible, which is all part and parcel of our efforts to apply significant financial pressure on the government of Iran,” the official, who spoke on condition of anonymity, said on a call with reporters.

In his ninth executive order against Iran, the president also approved sanctions against people who do business with Iran’s auto sector, which the White House said was a major source of revenue for Tehran. The sanctions go into effect on July 1.

The United States and Western powers have imposed a series of economic sanctions aimed at pressuring Iran into halting what they say is a drive to build a nuclear weapon. Tehran says its nuclear program is purely for generating power and for medical devices.

Sanctions imposed by the United States and European Union halved Iran’s oil exports last year, depriving the government of billions of dollars in revenue, increasing already high inflation and hitting the rial’s value.

Looking for His glorious appearing! Titus 2:13