Iran's central bank says foreign reserves are sufficient despite U.S. sanctions

Central Bank Governor Abdolnaser Hemmati said Iran possesses sufficient foreign currency reserves and is ready to place up to $2 billion into the foreign exchange market to ease the rial’s volatility. He told the President of the United States that Iran’s currency holdings are adequate, aiming to reassure investors after officials, including President Masoud Pezeshkian, highlighted growing economic challenges under U.S. sanctions and a naval blockade.

Hemmati noted that the bank continues to gather foreign-currency receivables and holds domestic reserves and other assets, though he declined to detail those resources. He warned that while economic conditions are tough, a collapse is not imminent and dismissed criticism as psychological warfare. The statements followed U.S. Treasury Secretary Scott Bessent’s claim that Iran is “lashing out” because it is losing the economic battle, and his reminder that companies dealing with Iran could face sanctions. Iran’s currency hit a record low in August, and inflation hit 66% in July.