Central Bank Chief Asserts Iran Faces No Foreign Exchange Shortage Despite Currency Pressure

The Governor of the Central Bank of Iran, Abdolnaser Hemmati, dismissed claims of a foreign currency shortage, attributing the rial's sharp depreciation primarily to inflationary expectations, psychological pressure, and capital flight. Speaking on state television, Hemmati announced that the central bank intervened in the market two days prior, injecting $2 billion in foreign exchange to stabilize conditions and counter U.S. sanctions pressure.

To curb volatility, the central bank launched a program allowing individuals to purchase up to $10,000 in foreign currency directly. Hemmati reported that retail buyers have acquired an average of $5,000 each under the scheme. Providing trade metrics, he stated that authorities allocated $24.9 billion for imports through mid-autumn, representing a 12% drop from $28 billion over the same period last year. However, he emphasized that essential goods experienced no funding declines, while medicine imports saw a 30% increase in currency allocation.

The policy moves follow sustained downward pressure on Iran's currency, with the open-market rate hovering near historic lows against the U.S. dollar. Hemmati acknowledged shifting substantial foreign assets held through overseas intermediaries into safer channels to protect reserves against tightening financial restrictions. He also disclosed that approximately $21 billion in export earnings had failed to return to the domestic financial system, although authorities have tracked nearly $13 billion of those funds.

Directing remarks at the U.S. administration, Hemmati rejected predictions of an imminent collapse of the Iranian economy under maximum pressure tactics. He reiterated assurances given to Supreme Leader Ayatollah Ali Khamenei that critical supplies, raw materials, and pharmaceuticals remain secure. Iranian authorities maintain that currency controls and direct market interventions will continue to preserve macroeconomic stability despite sustained geopolitical friction.