Iran claims sufficient foreign currency despite US sanctions

Iran's Central Bank Governor Abdolnaser Hemmati asserted on Tuesday that the country possesses sufficient foreign currency reserves, despite facing U.S. sanctions and recent economic difficulties. His comments aimed to reassure markets after U.S. Treasury Secretary Scott Bessent suggested Tehran was acting out due to economic losses.

Hemmati stated that the central bank was ready to inject up to $2 billion into the foreign exchange market to calm recent volatility. He also acknowledged that economic conditions and livelihood management have become difficult for the Iranian people, but insisted that a collapse would not occur, characterizing such claims as psychological warfare.

These remarks come as Iran's currency plunged to a record low in August, crossing the threshold of 2 million rials to the U.S. dollar, while annual inflation reached 66% in July. Bessent had previously stated that Iran was taking U.S. sanctions seriously and was "lashing out kinetically because they are losing economically."