Tehran has enough foreign currency, Iran central bank chief tells Trump

Iran has sufficient foreign currency despite intensified US sanctions and economic pressure, Central Bank Governor Abdolnasser Hemmati said Tuesday. Addressing US President Donald Trump, Hemmati said: “Iran has foreign currency, and it has enough.” Speaking at a conference in Tehran, Hemmati said the central bank was ready to inject $2 billion into the foreign exchange market, according to the semi-official Tasnim News Agency. Rejecting US claims of an economic collapse, he said Iran continues to collect foreign currency revenues and receivables and has domestic reserves and other resources whose details he said cannot be disclosed. Hemmati said Iran’s economic system continues to function despite new sanctions, while attributing the rial’s recent depreciation largely to what he called psychological factors. He rejected suggestions that Iran had entered hyperinflation, saying the likelihood remains low despite high inflation and extensive economic pressure. Hemmati acknowledged that unemployment had risen due to the war and damage to some infrastructure, adding that small and medium-sized businesses would be prioritized for financing in the second half of the Iranian year. The remarks came as the Iranian rial faces renewed pressure against the US dollar amid intensified US sanctions and the economic repercussions of the US-Israeli war. Washington has recently expanded its economic pressure campaign against Tehran, targeting key sources of Iranian revenue and international trade. ​​​​​​​Iran and the US signed a 14-point memorandum of understanding in June aimed at ending their war, but the interim deal quickly faltered.