Middle East live: Iran warns of a harsh response to anticipated US sanctions

Trump says Iran ‘collapsing’ ahead of sanctions announcement

President Donald Trump has said Iran is “collapsing” hours in a social media message posted hours before the US government is set to announce details of what it says will be crushing sanctions against Tehran.

“IRAN IS COMPLETELY COLLAPSING!!!” Trump posted in his trademark all-caps style on his social media platform Truth Social.

Iran central bank chief says currency weakness ‘temporary’

The governor of Iran’s Central Bank Abdolnaser Hemmati has said the depreciation of the country’s national currency was “temporary” as the Iranian rial, already battered by war, plummeted further in value.

“These increases (in prices of foreign exchanges) are temporary, meaning they fluctuate,” Hemmati said, according to the video of his remarks aired on state TV.

He blamed “American political propaganda” for much of the economic pain affecting Iran, adding that he was sure “the situation will improve and the problems will be resolved.”

Iran’s rial currency hits new record low as US prepares to announce more sanctions

Iran’s currency hit a record low Monday as Washington prepared to announce new sanctions it said would add further pressure on an economy already battered by previous sanctions and a US naval blockade.

The rial dropped to 2.02 million to the US dollar as trading opened on currency markets. Iran’s official Central Bank rate stood at around 1.5 million rial to the dollar, but the market rate is what most Iranians pay. 

The currency had already been under pressure before the US and Israel attacked Iran on Febraury 28, as Iran faced double-digit inflation and negative growth, but has repeatedly hit new lows as nearly six months of war have taken an even greater toll. 

Iran warns of a harsh response to anticipated US sanctions

Iran has warned that US sanctions set to be announced later Monday will not bring peace to the region.

Iran’s foreign ministry spokesperson warned that Tehran would respond harshly to expanded US sanctions, including measures against countries it sees as cooperating with Washington.

“Any escalation of this situation will undoubtedly bring about consequences,” Esmail Baghaei said. “Our hands are not tied.”

Hello and welcome to our live coverage of the conflict in the Middle East.