Donald Trump's election among causes of Iranian currency collapse, admits Economy Minister

Iranian Finance Minister Abdolnasser Hemmati told the country's parliamentary commission today (Monday) that conflicts in Syria, tension with Israel, and Donald Trump's upcoming inauguration were among the causes of the rial's collapse in value, according to Iran International.

Abdolnasser also said that it was impossible to maintain a stable currency with 30% inflation and that the official exchange rate of 400,000 rials to the dollar was not the rate at which many actually traded in the country - 7-800,000 rials to the dollar.

This statement led to a further collapse in the value of the Iranian currency and pressure on the Economy Minister to retract his statement, and indeed he claimed he had been misunderstood.

Iran has been suffering multiple domestic problems as it tries to deal with Israel's victories against its proxies in the region. Matters are so bad that the country is suffering fuel shortages and blackouts.