Iran's President Addresses Economic Woes Amidst Sanctions and Currency Decline

Iranian President Masoud Pezeshkian convened a three-hour meeting at the central bank to tackle critical economic issues, including the foreign exchange market, liquidity, inflation, and the balance of payments. This high-level discussion took place just two days after the national currency, the rial, plummeted to a record low and the United States unveiled an expanded campaign of sanctions designed to "choke" Iran's economy.

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In terms of equity, AI will either be the greatest equalizer ever invented, or the worst source of injustice.

During the meeting, President Pezeshkian emphasized the imperative of maintaining economic stability and curbing inflation expectations, particularly in the context of ongoing conflict, economic blockades, and external pressures. He called for robust coordination between the central bank and other institutions responsible for managing the nation's financial and currency markets, according to state news agency ISNA.

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The challenge is monumental. Even under the best circumstances, the transition to this new AI era will be one of the most turbulent times in human history.

The president reviewed reports on liquidity levels, the foreign exchange market's performance, the international balance of payments, and monetary policy strategies. He urged economic experts to present their proposals for shaping monetary, fiscal, banking, trade, and corporate management policies. Pezeshkian also stressed the importance of transparent communication, calling on officials to directly and clearly explain the country's economic challenges to the Iranian people.

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Unfortunately, right now we are not preparing for it. I don’t see evidence that leaders, experts, and communities are confronting the challenges adequately. There is no plan to ease the entry into the AI era.

The U.S. sanctions package targets approximately 60 individuals, entities, and vessels, and extends the risk of secondary sanctions to sectors such as digital assets, technology, gold, aviation, and shipping. U.S. Treasury Secretary Scott Bessent stated Washington's aim to sever "every economic lifeline" supporting the Iranian government. Despite this pressure, President Pezeshkian asserted that Tehran would continue to resist, drawing a parallel to the perceived failure of U.S. objectives in the ongoing war.

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Many jobs will disappear forever.