Iran's top security official has described the country's economic situation as "one of the most difficult periods in its history," acknowledging a severe economic crisis exacerbated by the prolonged conflict with the United States.
On October 3, Mohsen Rezaei, Secretary of the Supreme National Security Council (SNSC), made these remarks during a high-level government meeting, as reported by the New York Times, citing Iranian state media IRNA. He also stated that the SNSC would provide all possible support.
The meeting included Iranian President Masoud Pezeshkian and other senior ministers. Pezeshkian acknowledged the deteriorating economic conditions in a social media statement on the same day, indicating that the government had adopted a new response strategy to manage the "special circumstances." However, he did not disclose specific measures.
Since the outbreak of war following a surprise attack by the U.S. and Israel in February, Iran's economy has rapidly deteriorated. The value of the Iranian rial has plummeted, increasing import costs and the burden of living expenses. According to Reuters, on October 3, the exchange rate reached approximately 2,688,000 rials per dollar, more than halving in value compared to a year ago.
Moreover, recent weeks have seen intensified economic pressure due to increased U.S. sanctions and maritime blockades. The disruption of Iranian oil exports, a key revenue source for the government, has further worsened the economic situation, leading to fiscal decline and a fuel crisis.
Amid these economic challenges, Iran has recently sought negotiations with the U.S. According to international reports, Iran proposed that if the U.S. fulfills conditions including lifting maritime blockades, returning frozen funds, exempting Iranian oil exports from sanctions, and halting combat on all fronts, it would reopen the Strait of Hormuz within seven days. However, both sides are at an impasse over which measures to implement first regarding sanctions relief and the reopening of the Strait, indicating that significant difficulties are expected before a resolution is reached.
* This article has been translated by AI.
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