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Iran has sufficient foreign currency reserves despite intensified U.S. sanctions and economic pressure, Central Bank Governor Abdolnasser Hemmati said Tuesday, adding that the bank is ready to inject $2 billion into the foreign exchange market.
Addressing U.S. President Donald Trump, Hemmati said, “Iran has foreign currency, and it has enough.”
Speaking at a conference in Tehran, he said Iran continues to receive foreign currency revenues and has domestic reserves and other resources, though he said details could not be disclosed, according to the semi-official Tasnim News Agency.
Hemmati rejected U.S. claims that Iran’s economy was collapsing and said the country’s economic system continued to function despite new sanctions.
He attributed much of the rial’s recent depreciation to what he described as psychological factors.
Hemmati also rejected suggestions that Iran had entered hyperinflation, saying the risk remained low despite high inflation and extensive economic pressure.
Hemmati acknowledged that unemployment had risen because of the war and damage to some infrastructure.
He said small and medium-sized businesses would be prioritized for financing during the second half of the Iranian year.
The remarks come as the rial faces renewed pressure against the U.S. dollar amid intensified U.S. sanctions and the economic effects of the U.S.-Israeli war.
Washington has recently expanded its economic pressure campaign against Tehran, targeting major sources of Iranian revenue and international trade.
Iran and the U.S. signed a 14-point memorandum of understanding in June aimed at ending the war, but the interim agreement quickly faltered.
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