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Ahmadinejad Denies Reports of Failing Economy

The Iranian President says his country's enemies are waging a 'psychological war' with their efforts to cripple the economy
By Annie Lubin
First Publish: 10/2/2012, 7:02 PM

Iran's President denies claims that his country's economy is failing
Iran's President denies claims that his country's economy is failing
Reuters

Iranian President Mahmoud Ahmadinejad denied news reports that international sanctions are crippling his country's economy. 

The president claimed that against what is being reported, Iran has actually been coping with the economic sanctions and that the impact from diminishing oil earnings is being softened by  the central banks supplying hard currency to finance imports. 

The president's comments come after reports that Iranians are rushing to change their savings into hard currency as the rial hit a record low today, losing about a third of its value in the past week. 

Ahmadinejad said the West is waging a "psychological war," adding,  "Enemies have managed to reduce our oil sales, but hopefully we will compensate for this."