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Iran’s President Rouhani promised in a speech broadcast live on state television on Tuesday that his government will stand resilient to the economic pressure of the new US sanctions, as he responded following a sharp fall in the value of the national currency.

Key Points via Reuters:

The government’s income had not been affected in recent months, and the fall in the Rial was the result of “foreign media propaganda”.

“Even in the worst case, I promise that the basic needs of Iranians will be provided. We have enough sugar, wheat, and cooking oil. We have enough foreign currency to inject into the market.”  

The fresh U.S. sanctions were part of a “psychological, economic and political war”, adding that Washington would pay a high price for its actions.

“Withdrawal was the worst decision he (Trump) could make. It was appalling. It hurt America’s global reputation.”