Iran's Central Bank Vows to Defend Rial, Claims Sufficient Forex Reserves Amid Sanctions

Iran's top central banker asserted that the country holds sufficient foreign currency reserves to manage its economy despite severe U.S. sanctions, directly countering claims from Washington about its financial distress. The statement aims to reassure markets after a period of significant currency depreciation and soaring inflation.

Central Bank Pledges Support

Central Bank Governor Abdolnaser Hemmati announced the bank was prepared to inject up to $2 billion into the foreign exchange market to stabilize the nation's currency, according to a report from the semi-official Tasnim news agency on Tuesday. "I am telling the President of the United States: Iran has (foreign) currency and it has enough," Hemmati stated.

Hemmati acknowledged that economic conditions have become difficult for the public but framed suggestions of an imminent collapse as "psychological warfare." He added that the central bank continues to collect foreign currency receivables and holds other undisclosed resources, though he did not provide specific details.

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Economic Pressure Mounts

The governor's comments follow a period of intense economic strain. In August, Iran's currency, the rial, plunged to a record low, crossing the 2 million per U.S. dollar threshold. This currency crisis has been compounded by high inflation, which reached an annual rate of 66% in July.

The remarks also serve as a direct response to U.S. Treasury Secretary Scott Bessent, who said on Monday that Iran was "lashing out kinetically because they are losing economically." Washington has maintained a campaign of economic pressure, warning that any entities doing business with Tehran could face U.S. sanctions. Hemmati's reassurances contrast with recent statements from other Iranian officials, including President Masoud Pezeshkian, who have pointed to growing economic difficulties.