Devaluation of Iran rial at root of econ crisis: Leader

By Tolga Akbaba

TEHRAN

Iranian Supreme Leader Ali Khamenei said Monday that the declining value of the Iranian rial vis-à-vis foreign currencies was the root cause of the country’s ongoing economic crisis.

Khamenei made the assertion while meeting with representatives of Iran’s various socio-economic segments, according to the state-run IRNA news agency.

“The depreciation of Iran’s national currency is at the root of today’s economic problem,” he said, going on to point out that he was deeply aware of the average person’s struggle to make ends meet.

“Consensus has been reached among experts and officials that the current situation isn’t only the result of external factors,” the supreme leader asserted.

According to Khamenei, external influences -- including U.S. sanctions -- have had an obvious effect on the economy.

He added, however, that the “primary problem” continued to be economic “mismanagement”.

He also noted the negative impact of Iranian monetary policy on foreign exchange rates, saying that adverse external factors could be mitigated by more “prudent” policymaking.