TEHRAN: Iran has sufficient foreign currency reserves despite mounting pressure from US sanctions, Central Bank Governor Abdolnaser Hemmati said on Tuesday, rejecting claims that Tehran is losing the economic battle with Washington.
Hemmati said the central bank was prepared to inject up to $2 billion into Iran’s foreign exchange market to ease recent volatility, according to Iran’s semi-official Tasnim news agency.
“I am telling the President of the United States: Iran has (foreign) currency and it has enough,” Hemmati said.
His remarks appeared aimed at reassuring financial markets and the public as Iran faces increasing economic pressure from US sanctions and a naval blockade.
Iran has domestic reserves, central bank says
Hemmati said the Central Bank of Iran was continuing to collect its foreign currency receivables and had access to domestic reserves and other resources.
However, he said details about those resources could not be disclosed.
The central bank governor acknowledged that economic conditions and people’s livelihoods had become difficult but rejected suggestions that Iran’s economy was heading towards collapse.
“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,” Hemmati said.
He described claims about an economic collapse as “psychological warfare” and expressed confidence that the pressure would ease.
Iran Faces 35% Trade Slump as War Drags On and US Pressure Intensifies
Iranian currency hits record low
Iran has faced growing economic challenges amid intensified US pressure.
The Iranian rial fell to a record low in August, crossing the psychologically significant level of 2 million rials per US dollar.
Annual inflation in Iran also reached 66% in July, adding to pressure on households and businesses.
The sharp decline in the currency and rising inflation have intensified concerns over Iran’s economic stability as sanctions restrict the country’s access to international markets.
US steps up economic pressure on Tehran
US Treasury Secretary Scott Bessent said on Monday that Iran was feeling the impact of Washington’s sanctions.
Bessent said Tehran was “lashing out kinetically because they are losing economically”, referring to Iran’s recent military responses amid the wider conflict.
Washington has increasingly relied on economic sanctions and financial pressure to force Tehran to meet US demands.
Bessent has also warned that companies and countries conducting business with Iran could face US sanctions.
Iran, meanwhile, has continued to reject Washington’s assessment of its economic situation and insists that it has sufficient resources to withstand the pressure.
