Iran says it has enough foreign currency despite US sanctions

Iran's Central Bank Governor Abdolnaser Hemmati has stated that the country has sufficient foreign currency reserves despite US sanctions. According to Hemmati, the central bank is prepared to inject up to $2 billion into the foreign exchange market to stabilize recent volatility. He made this announcement through the semi-official Tasnim news agency.

Hemmati also mentioned that the central bank continues to collect foreign currency receivables and has domestic reserves as well as other resources. He addressed the public, stating that while economic conditions and livelihood management have become challenging, the country has not experienced and will not experience economic collapse.

US Treasury Secretary Scott Bessent had previously claimed that Tehran was lashing out due to losing the economic war. Hemmati's comments appear to be an effort to reassure markets, which have been affected by US sanctions and a naval blockade. Iran's currency reached a record low in August and annual inflation hit 66% in July, according to Investing.com.

Brief written by urgent.news from Al-Monitor, Middle East Eye, Investing.com — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.