We Have Enough Foreign Currency Despite US Sanctions, Says Iran

Iran has sufficient foreign currency reserves to withstand the impact of ongoing United States sanctions, Central Bank Governor Abdolnaser Hemmati has said.

Hemmati, who made the disclosure on Tuesday, said the Central Bank of Iran was also prepared to inject up to $2 billion into the foreign exchange market to stabilise the country’s currency and ease recent volatility.

According to the semi-official Tasnim news agency, Hemmati said the bank was collecting foreign currency receivables while also relying on domestic reserves and other available resources.

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

He, however, noted that details of some of the country’s foreign exchange resources could not be made public.

The central bank governor acknowledged the economic difficulties facing Iranians, particularly the challenges associated with managing livelihoods, but rejected claims that the country’s economy was on the verge of collapse.

“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 economic difficulties have intensified in recent months, with the country’s currency falling to a record low in August, when it crossed two million rials to the US dollar.

Annual inflation also reached 66 per cent in July, adding to pressure on households and businesses.

The latest comments came amid heightened economic pressure from Washington, with US Treasury Secretary Scott Bessent saying on Monday that Iran was taking US sanctions seriously and was responding militarily because it was losing economically.

The United States has increasingly relied on economic sanctions and other forms of financial pressure in an effort to force Tehran to meet its demands.

Bessent has also warned that entities doing business with Iran could face US sanctions, further increasing pressure on companies and institutions dealing with the Iranian economy.

Despite the pressure, Hemmati maintained that Iran had sufficient foreign currency resources to manage the current situation and said the Central Bank was ready to intervene in the foreign exchange market if necessary.