Governor of the State Bank of Iran: Ready to inject 2 billion USD to calm market fluctuations

The Governor of Iran's Central Bank announced that the country has enough foreign currency and is ready to pump up to 2 billion USD into the market to ease recent fluctuations.

"I want to tell the US President: Iran has the necessary amount of foreign currency," Governor of the Central Bank of Iran Abdolnaser Hemmati announced on September 1.

Mr. Hemmati said the central bank continues to collect debts in foreign currencies and possesses domestic reserves and other resources, but detailed information about these resources cannot be disclosed. He added that the central bank is ready to pump up to $2 billion into the foreign exchange market to calm recent volatility.

"I would like to sincerely share with the people that economic conditions and ensuring life are facing many difficulties, but the economy has never collapsed and will never collapse. Those rumors are just psychological blows, the storm will soon pass," Mr. Hemmati emphasized.

This statement was made after US Treasury Secretary Scott Bessent said that Tehran was responding with military blows because it was losing in the economic war.

Washington is increasing economic pressure on Tehran, and at the same time warning that those doing business with Iran will face sanctions from the US.

Mr. Hemmati's statement also seemed to reassure the market after Iranian officials, including President Masoud Pezeshkian, admitted that the economy was under great pressure from US sanctions and the maritime blockade campaign.

Iran's local currency fell to an all-time low in August, with an exchange rate of 2 million rials to 1 dollar, while annual inflation reached 66% in July.