We have enough foreign currency in spite of U.S. sanction – Iran

Iran says it has sufficient foreign currency reserves in spite of  U.S. sanctions, with the central bank ready to inject $2 billion into the market.

Central Bank Governor Abdolnaser Hemmati made the statement on Tuesday, according to semi-official Tasnim news agency.

“I am telling the President of the U.S.: Iran has foreign currency and it has enough,” Hemmati said.

He said the central bank was prepared to inject up to $2 billion into the foreign exchange market to ease recent volatility.

Hemmati said the bank was also collecting foreign currency receivables and had domestic reserves and other resources.

He said details of some of the resources could not be disclosed.

Hemmati acknowledged that economic conditions and livelihood management had become difficult but dismissed claims that Iran’s economy was collapsing.

“I tell ⁠the people with complete honesty that economic conditions and livelihood management have become difficult, but collapse has never happened and will never happen.

These claims are just psychological warfare and the dust will settle soon,” Hemmati ⁠said.

Iran’s currency fell to a record low in August, crossing two million rials to the U.S. dollar, while annual inflation reached 66 per cent in July.

U.S. Treasury Secretary Scott Bessent said on Monday that Iran was taking U.S. sanctions seriously and was responding militarily because it was losing economically.

Washington has increasingly relied on economic pressure to force Tehran to meet its demands.

Bessent has also warned that entities doing business with Iran could face U.S. sanctions.

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