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Saturday 20 September 2014

Iranian president mocks oil embargo

Published 22/01/2013 | 19:35

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Iran's president Mahmoud Ahmadinejad has dismissed the West's oil embargo on his country (AP)

The Iranian president has claimed his country can create 10 times more wealth from inventions than from oil, rendering Western economic sanctions powerless.

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The West's oil embargo over Iran's suspected nuclear programme will not stop the Islamic Republic's scientific and technological progress, said Mahmoud Ahmadinejad.

Addressing a group of Iranians in the western city of Hamedan, Ahmadinejad mocked the embargo, saying Iranian universities would churn out money-making innovations. He did not mention any specific technologies.

"Don't buy our oil? To hell with you," Ahmadinejad said in remarks aimed at the West. "It's better if you don't buy... 10 times more money will head to people's pockets through the inventions of our scientists."

Last week, Ahmadinejad said Iran must move away from dependence on oil revenues to overcome Western sanctions that have slowed the economy and disrupted foreign trade. Iran has long depended on oil sales for about 80% of its foreign currency revenue.

Iran's income from oil and gas exports has dropped by 45% as a result of sanctions.

The West fears Iran may ultimately be able to develop nuclear weapons, a charge Tehran denies.

Iran's national currency has also lost about 8% of its value in the past two days, hitting a record low against the US dollar and other foreign currencies in street trading. Street traders said it has reached 36,200 rials to the dollar. It was 33,500 rials on Sunday.

Iran's national currency lost nearly 40% of its value in 2012 alone. Each US dollar was traded at about 10,000 rials as recently as early 2011.

Iranian authorities have accused the West of waging an "economic war".

Press Association

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