The Governor of the
Addressing the current financial climate, Hemmati stated that Iran possesses adequate foreign currency reserves to manage the ongoing volatility. He announced that the central bank is prepared to inject up to $2 billion into the foreign exchange market to stabilize the currency, according to reports from the semi-official Tasnim news agency.
Addressing Economic Pressure and Market Volatility
The governor’s statement serves as a direct rebuttal to recent assessments from Washington. While acknowledging that the economic situation and the management of daily livelihoods have become increasingly difficult, Hemmati maintained that the prospect of a total economic collapse is unfounded. He characterized the narrative of a failing economy as a form of psychological warfare, expressing confidence that current market instability would soon subside.
Hemmati noted that the central bank continues to secure foreign currency receivables and holds domestic reserves, though he declined to provide specific details regarding these assets, citing the sensitive nature of the information. His remarks were intended to provide reassurance to the public and the markets following concerns raised by various Iranian officials, including President Masoud Pezeshkian, regarding the impact of sanctions and a naval blockade on the national economy.
Context of US-Iran Economic Tensions
The exchange between the two officials comes as Iran faces significant financial strain. In August, the
US Treasury Secretary Scott Bessent stated on Monday that Tehran is taking American sanctions seriously, suggesting that the country is lashing out kinetically as a result of its economic losses. The United States has increasingly utilized economic pressure as a primary tool to influence Iranian policy, with the Treasury Department warning that international entities conducting business with Tehran may face secondary sanctions. Despite these measures, the Iranian central bank remains committed to its strategy of market intervention to maintain stability.
