Iran central bank chief says currency weakness ‘temporary’
TEHRAN: The governor of Iran’s Central Bank Abdolnaser Hemmati on Monday said the depreciation of the country’s national currency was “temporary” as the Iranian Rial, already battered by war, plummeted further in value. The currency has lost nearly 10 per cent of its value over the last two weeks, having already plunged early in the war, with the United States set on Monday to lay out its plans…
TEHRAN: Iran's Central Bank chief, Abdolnaser Hemmati, claimed on Monday that the country's currency depreciation is a short-term issue. The Iranian Rial, already weakened by ongoing conflict, has lost around 10% of its value in just two weeks, following early dips due to the war. The U.S. has announced plans to implement "economic warfare" against Tehran.
Hemmati attributed the economic hardships to American political propaganda and predicted the situation would improve. The rial traded at over 2 million per dollar on the black market on Monday, up from around 1.7 million pre-war and a record low of 1.8 million two months ago. Iran maintains fixed exchange rates, but unofficial rates, often tracked online, are commonly used as references.
Hemmati stated that the nation cannot allow temporary fluctuations caused by propaganda to derail its progress. U.S. Treasury Secretary Scott Bessent plans to roll out further economic pressure on Iran, calling it the "largest coordinated economic isolation campaign in world history."
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