Iran says no military solution to war as currency hits new low under US blockade
· Fox NewsAllIranStrait of Hormuz
4Posts
Sort By
Sort by NewestSort by Oldest
Back to Top
incoming update…
Pinned
Iranian rial at new low, as central bank sells dollars to support currency
Iran's rial continued its decline this weekend, as the central bank announced an injection of up to $2 billion to support the currency while the economy faces U.S. sanctions and a naval blockade.
President Donald Trump said if Iran refuses to stop terrorizing commercial ships in the Strait of Hormuz, it will suffer the economic consequences to it being stopped by the U.S. blockade.
The U.S. dollar was sold around 2.688 million rials Saturday, up from 2.632 million Friday, according to free-market tracking website bon-bast.com, while alanchand.com reported 2.695 million rials per dollar.
State television said state banks began selling up to $2 billion to support the currency, which has lost more than half of its value in the past year.
With an inflation rate of more than 70%, life is becoming ever tougher for ordinary citizens unable to afford basic necessities or rent as a U.S. blockade cuts the state's financial lifeline – oil exports.
Reuters contributed to this report.
Posted by Eric Mack Share
Iran demands control over Strait of Hormuz, rejects US conditions
The latest U.S. counterproposal largely tracks Washington’s earlier positions on denuclearization, according to Iran, which is pushing to make the Strait of Hormuz the immediate focus of any talks.
“The Americans’ propositions are more or less in line with their previous positions, specifically on the nuclear issue,” Iranian Foreign Ministry spokesperson Esmaeil Baghaei said. “We told them our focus in this stage is the issue of the Strait of Hormuz and the return to security in this waterway requires clear steps from the U.S.”
Baghaei also denied that Iran had offered to allow U.N. nuclear watchdog inspections in exchange for U.S. sanctions relief, saying Iran had not entered into nuclear discussions with Washington.
Reuters reported last week that the proposal being circulated outlines a seven-day trust-building period aimed at returning the two sides to an enhanced version of the June memorandum of understanding, including concrete steps on Iran’s nuclear program.
Reuters contributed to this report.
Posted by Eric Mack Share
Iran FM: If Trump, US 'move toward military solutions, we are more prepared than before'
After President Donald Trump rejected the Iranian peace conditions, Iran is reportedly doubling down on them.
Iranian Foreign Minister Abbas Araghchi said a plan put forward by Tehran to resolve its dispute with Washington could lead to the Strait of Hormuz reopening within seven days, hoping Washington would choose diplomacy but warned that Iran was prepared to respond if the United States again chose military action.
“If they again move toward military solutions, we are more prepared than before and will take whatever action is necessary to defend ourselves,” Araghchi said.
Nournews reported Iran's parliament speaker Mohammad Baqer Qalibaf said Sunday that it will not stop the Strait of Hormuz attacks until seven Iranian conditions are met.
“The Americans, who say something different in the media, have recently put forward proposals through a mediator, but they must understand that the period of dragging out the process and dictating one-sided demands is over," Qalibaf said.
"The position of the Islamic Republic of Iran is completely clear and firm, and the Strait of Hormuz will not be opened until our seven conditions, based on the Islamabad Memorandum of Understanding, are met."
Reuters contributed to this report.
Posted by Eric Mack Share
Commercial ship attacked in Strait of Hormuz, UK says
A commercial tanker was hit by an unknown projectile in the Strait of Hormuz, damaging its engine room, the United Kingdom Maritime Trade Operations said Sunday.
UKMTO received a report of an incident inside the key waterway, noting the crew was safe, and no environmental impact had been reported at the time the notice was issued.
The Strait of Hormuz is one of the world’s most critical energy chokepoints, making any attack on commercial shipping there a potentially major escalation risk amid the Iran war.
Reuters contributed to this report.
Posted by Eric Mack Share
Live Coverage begins here
Covered by: Eric Mack