Stop Fundamentalism – The economic sanctions imposed on Iran by the international community to force this country abandon its suspicious nuclear program is beginning to show major signs of effect on the country’s economy.
Dollar has just taken another jump reaching 1510 Tomans in Iran’s internal market. That is 45 Tomans rise in just a day. In recent weeks Dollar’s value has almost doubled showing Iran’s economy to be completely out of control.
According to Asr Iran, a Farsi Language news publication, President Ahmadinejad has asked the head of Iran’s Central Bank to get Iran’s foreign exchange market under control and bring it back into its past situation. That may not be so easy to do as things seem to be going the other direction.
Asr Iran news paper which is affiliated with the Iranian ministry of intelligence expressed deep concerns about the news that some Gulf countries may be planning to raise their oil production levels in order to replace Iran’s oil export when new oil sanctions start going into effect.
“There have been news of pressure coming from the US and EU on main oil producing countries to increase their oil production with the aim to prepare grounds for oil embargo against Iran,” said Asr Iran in a report. “The aim is to prevent a jump in oil prices in the international market in the event of an oil embargo against Iran.”
Saudi Arabia has already made an announcement that its oil production has surpassed 10 million barrels per day which is at least 2 million barrels over its share of the market determined by OPEC. That by itself makes up for Iran’s share of oil contribution in the international market.