Top Iranian official admits dire state of the economy: Report
A top Iranian official reportedly admitted that Iran’s economy is in dire straits due to the war and the U.S. blockade of the country.
TL;DR
- Mohsen Rezaei, a top Iranian official, admitted the country's economy is in dire straits.
- The economic hardship is attributed to the ongoing war and the U.S. blockade.
- The Iranian rial has significantly depreciated, losing 58.9% of its value in one year and 29.6% since August 20.
- Iran has not seen new oil tankers reach Chinese ports for nearly three months.
- The U.S. Treasury announced Iran loaded 'ZERO crude oil into tankers in September.'
- The economy retracted by 10.1% year-on-year in the first quarter, with oil and gas contracting by 26.4%.
- Inflation stood at 83.8% in September, and employees are reportedly quitting due to insufficient salaries.
- Retired government employees are protesting non-receipt of full pensions.