Iran Central Bank Chief's response to US sanctions: 'They did everything they could, they couldn't create pressure'

Iran's economy is facing severe pressure as the US prepares to announce new, comprehensive sanctions, pushing the Iranian Rial to a historic low against the US dollar. According to Bonbast.com, which tracks unofficial exchange rates, the Rial reached an all-time low of 2.02 million against the dollar in the free market. This marks a significant drop from early March, when the currency traded at approximately 1.53 million Rials to the dollar shortly after the conflict began.

US Treasury Secretary Scott Bessent has threatened Tehran with an "economic D-Day," stating that Washington is in the "final phase" of its confrontation with Iran. Bessent outlined plans for what he described as the "largest financial offensive ever mounted against an adversary" in an article published by the Financial Times. President Donald Trump also warned last week that countries aiding Iran would face economic sanctions, though he did not name any specific nations.

Central Bank Governor Abdolnaser Hemmati announced on state television that Iran's oil exports have completely ceased, with revenues from oil sales falling to zero. This halt in exports exacerbates the already strained economic situation, which has been under pressure from existing sanctions and declining exports. The International Monetary Fund (IMF) projected in its July report that Iran's economy would contract by 5.4% in 2026, with inflation reaching 70%. Hemmati acknowledged the challenging economic landscape but assured that foreign currency would be allocated for the import of essential goods and medicine. He stated that despite the US's intensifying pressure, "They have done everything they can so far. The latest statements do not create any new limitations or pressure that will lead to our collapse."

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They have done everything they can so far. The latest statements do not create any new limitations or pressure that will lead to our collapse.