Iran has enough foreign currency despite US sanctions, central bank chief says

DUBAI, September 1 - Iran possesses sufficient foreign currency reserves to counteract the impacts of U.S. sanctions, according to Central Bank Governor Abdolnaser Hemmati. He asserted that Iran has more than enough foreign currency on hand during a recent interview with Tasnim news agency. Hemmati reiterated the country's possession of significant foreign currency reserves, even asserting that the Central Bank is prepared to inject up to $2 billion into the foreign exchange market to stabilize the situation.

He emphasized that the claims of economic collapse and dire living conditions in Iran are mere psychological warfare tactics. Despite recent economic challenges, such as a record low currency exchange rate and soaring inflation, Hemmati remains optimistic, stating that the situation will stabilize soon. This stance comes in response to U.S. Treasury Secretary Scott Bessent's criticism of Iran's economic struggles and its retaliatory actions against the sanctions.

Bessent stated that Iran was "lashing out kinetically because they are losing economically" and warned that businesses engaging with Iran might face U.S. sanctions in return.