Iran Financial Market Immune to US Political Pressure

Iran Market Immune to US PressureIran Market Immune to US Pressure

President Hassan Rouhani said Iran’s stable market has proved to be resilient in the face of mounting pressure from the US administration, which culminated in US President Donald Trump’s fiery, scathing tirade against Iran and the nuclear deal last week.

“Stability and calm in the market and [healthy] economic indicators showed that today the Iranian economy has grown resistant to [the US] political pressure and will remain unaffected by them,” Rouhani said in an address to the Supreme Council of Cultural Revolution on Wednesday, his official website reported.

Trump’s Friday criticism targeted the landmark 2015 nuclear accord and Iran’s regional counter-terrorism operations.

Iran’s stock market, however, remained unfazed by the Republican hawk’s bellicose remarks and saw significant growth the next day.

Tehran Stock Exchange’s main index gained 519.50 points or 0.61% to end Saturday trade at 85,263.6.

Trump’s speech also capped the greenback’s three-week rally in Tehran’s foreign exchange market, which saw the value of the American currency rise to its highest level since December 2016.

Data on the Tehran Gold and Jewelry Union’s website indicated the US dollar lost 300 rials of its value against the Iranian currency on Saturday in Tehran’s foreign exchange market.

In his speech, Trump stopped short of a highly anticipated announcement to pull Washington out of a high-profile deal that his predecessor Barack Obama and the governments of the other five powers clinched with Iran to curtail its nuclear work in return for easing the sanctions battering its key economic sectors of oil and banking.

But despite the UN nuclear agency’s verification of Tehran’s commitments in all its quarterly reports, Trump decertified Iran’s compliance with the accord, a move that observers warn has sent the deal teetering on the brink of collapse.

Still reeling from the beleaguered president’s announcement, Washington’s European allies have joined ranks to bolster their defense of the UN-approved pact, formally known as the Joint Comprehensive Plan of Action.

***Unfaltering Unity

Rouhani predicted that his US counterpart would ultimately back down in the face of Iran’s unfaltering national unity and international support for the nuclear agreement.

“Even America’s traditional allies refused to go along with the US administration and immediately and explicitly voiced their opposition in statements and comments, stressing that they will stand by JCPOA and continue their cooperation with Iran,” the president said.

“The US president had nothing to present [in his Friday speech] but the same hackneyed, unfounded allegations. Iran’s domestic unity … and overwhelming global backing for the action plan and for cooperation with Iran will finally compel the US government officials to renounce and revise their policies,” he added.

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