We also work closely with other supplier nations to limit Iran's access to goods and technologies applicable to chemical or biological weapons programs. Similarly, we seek to block transfers useful to Iran's ballistic missile program. We have succeeded in gaining the cooperation of most industrialized nations, and we are working to bring around those few states that lack our commitment to denial. Our efforts to block Iran's access to international finance have also met with some important successes. Since the President announced the embargo, no government has extended new official credit to Iran.
Japan continues to withhold development assistance to Iran.
We continue to successfully block aid to Iran from the World Bank and other international financial institutions. Specific U.S. action also has hurt Iran's economy. The embargo resulted in a dramatic devaluation of Iran's currency, which is still aggravating Iran's inflation and impeding commercial activity. By making Iran work harder to sell its oil, the embargo has added operating costs and cut into the government's available hard currency. Moreover, the effectiveness of our action has been boosted by Iran's own economic mismanagement.