Iran's Central Bank chief says regime has enough foreign currency despite US sanctions, blockade

Iran's Central Bank Governor, Abdolnaser Hemmati, stated on Tuesday that the country possesses sufficient foreign currency reserves despite US sanctions and a naval blockade. This declaration followed US Treasury Secretary Scott Bessent's assertion that Tehran was reacting aggressively due to economic losses. Hemmati announced the central bank's readiness to inject up to $2 billion into the foreign exchange market to stabilize recent volatility. He directly addressed the US President, stating, "Iran has (foreign) currency and it has enough." Hemmati acknowledged the current economic difficulties but assured that a collapse would not occur, dismissing claims to the contrary as "psychological warfare." These statements aim to reassure markets after Iranian officials, including President Masoud Pezeshkian, highlighted growing economic challenges. In August, Iran's currency reached a record low against the US dollar, and annual inflation hit 66% in July.