Iran's Economy: Official Responses
During the International Monetary Fund meeting in Bangkok, Iranian Central Bank Governor Abdolnasser Hemmati rejected the United States' accusations that Iran's economy was collapsing, describing them as "illusions." He confirmed that Tehran faces increasing economic pressures due to U.S. sanctions and a maritime blockade, with the local currency's value declining and inflation soaring to 73.6% in September. Hemmati explained that controlling inflation and stabilizing expectations are top priorities for the Central Bank, with a focus on financial and monetary stability, as well as providing foreign currencies to import essential goods. He called on the IMF to assess the impact of the war on Iran's economy accurately. Meanwhile, Washington maintains that sanctions are reducing Iran's oil revenues. In late August, the U.S. launched the "Economic Pariah" campaign targeting smuggling and oil transportation networks, leading to a shutdown of oil exports to zero in September and early October. Iran is experiencing a decline in its oil exports, with the rial losing 35% of its value since July and inflation rising. The Central Bank continues to attempt supporting the currency through the sale of foreign currencies, amid ongoing U.S. sanctions that limit its ability to stabilize the economy.
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