Iran will not retreat on nuclear development, said President Mahmoud Ahmadinejad at a press conference yesterday in Tehran.

The President said Iranians will not relinquish their right to develop nuclear power despite the West’s pressure. The Iranian leader accused the West of economic warfare targeting Iran’s oil and banking sectors.The Iranian President reiterated his declaration at the 67^th annual session of the UN General Assembly in New York that Iran will consider direct talks with the US with particular conditions. He added that international relations are built on the principle of dialogue based on fairness and mutual respect. The President’s comments come as Iran's currency plummet, indicating that sanctions by the West against Iran’s oil and banking sectors are starting to work.