Iranian Currency Hits Record Low Due to Bolton Appointment, Nuclear Deal Concerns

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Title : Iranian Currency Hits Record Low Due to Bolton Appointment, Nuclear Deal Concerns
Link : Iranian Currency Hits Record Low Due to Bolton Appointment, Nuclear Deal Concerns

Uncertainty from Washington, DC, due to the Trump administration’s possible withdrawal from the 2015 nuclear Iran deal resulted in a drop of the Iranian rial to a record low on Monday.

According to the AFP, the rial “broke through the 50,000-to-the-dollar mark for the first time” against the U.S. dollar in response to President Donald Trump’s appointment of John Bolton as national security advisor and Mike Pompeo as secretary of state and fear that the U.S. might withdraw from the Joint Comprehensive Plan of Action (JCPOA), as the nuclear deal is officially known.

Bolton is considered a harsh critic of the Iranian regime. In January, Bolton spoke of the mass uprisings throughout Iran, which began on December 28, as a “turning point in history.”

“I think it’s very clear that these outpourings of popular opinion present a dagger pointed at the heart of its mullah’s regime. They have crossed an important line here,” Bolton added. “I think what the people are reflecting is the result of decades of mismanagement by the ayatollahs … that has resulted in massive corruption.”

Although growing economic problems triggered the recent protests, with issues of inflation and everyday Iranians’ inability to put food on the table, the uprisings quickly shifted focus onto human rights abuses and widespread disapproval for Iran’s proxy wars in various countries throughout the Middle East, including Syria, Iraq, Libya, and Yemen. The people of Iran have continuously called for a stop to the regime’s decision to spend hundreds of millions of dollars on spreading terror and war abroad, instead of stimulating the economy at home.

According to the AFP, Locals reportedly believe Iranians are hoarding billions of dollars as banks run out of cash. READ MORE