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🇮🇱 Israel /Economy & Trade

Iran's Central Bank chief says regime has enough foreign currency despite US sanctions, blockade

From Jerusalem Post · () English

Summarized by DistantNews. Read the original for the full story.

At a glance

Newswire Named sources Ongoing story
  • Iran’s central bank governor said the country has sufficient foreign currency reserves despite US sanctions and a naval blockade.
  • Abdolnaser Hemmati said the bank could inject up to $2 billion into the foreign exchange market to calm volatility.
  • His comments followed a record fall in the rial, which crossed 2 million to the dollar in August, and annual inflation of 66% in July.

Iran’s central bank says it can inject up to $2 billion into the foreign exchange market as the rial falls to record lows and officials acknowledge growing economic pressure.

Governor Abdolnaser Hemmati said Iran had sufficient foreign currency reserves despite US sanctions and a naval blockade. He said the bank continued to collect foreign currency receivables and held domestic reserves and other resources, although he did not disclose details.

I am telling the President of the United States: Iran has (foreign) currency and it has enough.

— Abdolnaser HemmatiIran’s central bank governor sought to reassure markets and challenge US claims about economic pressure.

“I am telling the President of the United States: Iran has (foreign) currency and it has enough,” Hemmati said, according to Tasnim news agency. He also sought to reassure Iranians about the wider economy, saying, “I tell the people with complete honesty that economic conditions and livelihood management have become difficult, but collapse has never happened and will never happen. These claims are just psychological warfare, and the dust will settle soon.”

I tell the people with complete honesty that economic conditions and livelihood management have become difficult, but collapse has never happened and will never happen. These claims are just psychological warfare, and the dust will settle soon.

— Abdolnaser HemmatiHemmati acknowledged economic hardship while rejecting claims that Iran faced collapse.

The statements followed sharp pressure on Iran’s currency. The rial crossed the psychological threshold of 2 million to the US dollar in August, while annual inflation reached 66% in July. Iranian officials, including President Masoud Pezeshkian, have pointed to increasing difficulties linked to sanctions and the blockade.

US Treasury Secretary Scott Bessent said Iran was responding forcefully because it was losing an economic war. Washington has increasingly relied on sanctions and other economic pressure to push Tehran to meet its demands, while warning businesses that dealings with Iran could bring US sanctions.

Lashing out kinetically because they are losing economically.

— Scott BessentThe US Treasury secretary characterized Iran’s response to sanctions.
About this summary

Originally published by Jerusalem Post. Summarized and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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