Iran’s new economics team is trying a new tactic to defend the country’s dwindling national currency against US sanctions by ordering exporters to sell their foreign-currency earnings on a government-regulated trading platform, Bloomberg has reported.
The directive has been "finalised" by President Hassan Rouhani’s government and will be sent to parliament for approval.
The directive to use the online platform is designed to steer more foreign currency into the system, aiding government efforts to "deal with the enemy’s hostility," the semi-official Tasnim News reported, citing Economy Minister Farhad Dejpasand.
Iran’s rial has lost as much as 70 percent of its value against the dollar since President Trump withdrew from the 2015 nuclear deal in May and reintroduced sanctions designed to counter the Iranian regime’s behaviour and expanding ballistic missiles programme.
Revamped US sanctions have blacklisted some 700 Iranian banks, companies and individuals. All ports and insurance companies were also warned by the US to steer clear of Iranian ships as “floating liabilities.”
Swift, a Belgian-based network that facilitates cross-border payments for 11,000 financial institutions in over 200 countries, also cut off the Central Bank of Iran as well as other Iranian banks and financial services in compliance with US sanctions.