Iran Has Enough Foreign Currency Despite US Sanctions, Central Bank Governor Insists

Iran's Central Bank Governor Abdolnaser Hemmati reassured markets that his country has sufficient foreign currency reserves despite US sanctions and a naval blockade. He stated that Iran has enough foreign currency, addressing concerns from US Treasury Secretary Scott Bessent who said Tehran was lashing out because it was losing the economic war.

Hemmati announced that the central bank would inject up to $2 billion into the foreign exchange market to calm recent volatility in the currency. He emphasized that Iran has foreign currency receivables, domestic reserves, and other resources at its disposal, although he could not disclose further details.

The comments come as Iran's currency, the rial, plunged to a record low of 2 million rials to the US dollar in August, with annual inflation reaching 66% in July. Hemmati attributed economic difficulties to 'psychological warfare' and expressed confidence that conditions would improve soon.