Iran Denies Economic Strife Amid US Sanctions
The Iranian Central Bank Governor Abdolnaser Hemmati has reassured markets that the country has sufficient foreign currency reserves despite US sanctions. In a statement, he said Iran 'has (foreign) currency and it has enough', in response to comments from US Treasury Secretary Scott Bessent.
Bessent had stated that Iran was lashing out due to losing the economic war, with Washington relying on economic pressure to force Tehran to meet its demands. Hemmati emphasized that the central bank is ready to inject up to $2 billion into the foreign exchange market to calm recent volatility in the currency.
The Iranian rial has been experiencing difficulties, plummeting to a record low of 2 million rials to the US dollar in August, while annual inflation reached 66% in July. Hemmati acknowledged that economic conditions have become difficult, but assured that collapse is unlikely and 'these claims are just psychological warfare.'