Iran affirms sufficient foreign currency reserves
The Governor of the Central Bank of Iran confirmed that the country possesses sufficient foreign currency reserves despite U.S. sanctions, having secured approximately $18 billion in this area since the beginning of the year. Hemmati announced that the bank is ready to inject up to two billion dollars into the exchange market to calm the recent volatility of the Iranian currency, which reached a record low surpassing two million rials per dollar in August, with an annual inflation rate of 66% in July. He emphasized that economic management remains stable and stated that an economic collapse will not occur, describing such claims as merely psychological warfare. Additionally, he said that Iran is taking measures to counter the economic pressures resulting from U.S. sanctions.
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