Iran’s parliament is planning to summon President Mahmoud Ahmadinejad to be questioned over the country’s plummeting currency, state radio reported today.

The governor of Iran’s central bank has said his country will not remain “passive” before a new EU embargo on the country’s oil sector, adding that Tehran has enough hard currency reserves to meet its import needs.

Iranian president Mahmoud Ahmadinejad has finally agreed to increase interest rates to 21%, reversing his opposition to the move economists said was crucial to supporting the Iranian currency.