Iran Says It Has Enough Foreign Currency, Offers $2 Billion to Stabilize Rial
TEHRAN, IRAN — WEB DESK: Iran has sufficient foreign currency resources to withstand intensified US economic pressure, Central Bank Governor Abdolnaser Hemmati said on Tuesday, pushing back against Washington’s claims that sanctions are severely weakening Tehran while acknowledging volatility in the country’s currency market.
Hemmati said the Central Bank of Iran was prepared to inject up to $2 billion into the foreign exchange market to contain recent volatility, according to the semi-official Tasnim news agency.
Addressing US President Donald Trump directly, Hemmati said Iran had foreign currency and had “enough,” according to Reuters.
His statement comes amid an intensifying economic confrontation between Tehran and Washington, with the Trump administration imposing additional sanctions and arguing that Iran’s worsening economic conditions are placing growing pressure on its government.
Central Bank Ready to Deploy $2 Billion
Speaking at a conference in Tehran, Hemmati said the central bank continued to collect foreign-currency receivables and had access to domestic reserves and other resources.
He declined to disclose details of some of those resources.
The proposed $2 billion intervention is significant because it indicates the central bank is prepared to sell foreign currency into the market to counter instability in the rial.
However, Hemmati did not publicly disclose Iran’s total usable foreign exchange reserves.
That distinction matters. His assertion that Iran has sufficient foreign currency should be reported as the central bank governor’s assessment; it does not provide an independently verifiable figure for Tehran’s liquid or immediately accessible reserves.
Rial Has Fallen to Record Lows
Hemmati’s comments follow a severe deterioration in the Iranian currency.
The rial fell to a record low in August, weakening beyond 2 million rials to the US dollar, according to Reuters.
Iran is also confronting severe inflationary pressure. Reuters reported annual inflation at 66% in July, illustrating the strain facing Iranian households despite the central bank’s insistence that the broader economic system remains functional.
The distinction between foreign-exchange availability and overall economic health is important: a government may retain access to foreign currency while its domestic currency depreciates and consumer prices rise sharply.
Hemmati therefore did not claim that Iran was free of economic difficulties. Instead, he rejected the US narrative that the economy was approaching collapse.
Washington Says Economic Pressure Is Working
The central bank governor’s intervention came after US Treasury Secretary Scott Bessent argued that Tehran’s increasingly aggressive posture reflected the impact of Washington’s economic campaign.
The Trump administration has intensified its use of sanctions against Iran, including measures targeting financial networks and entities accused by Washington of helping Tehran circumvent existing restrictions.
Bessent has indicated that the United States intends to continue imposing secondary sanctions, including measures aimed at banks and other institutions involved in transactions linked to Iran.
Washington’s argument that Iran is “losing the economic war,” however, is a US government assessment, not an independently established conclusion.
Similarly, Hemmati’s assertion that Iran possesses enough foreign currency is Tehran’s official position and cannot be independently confirmed without detailed reserve data.
Sanctions Put Access to Currency Under Pressure
Iran has lived under extensive US financial and energy sanctions for years, but the latest American campaign seeks to further restrict Tehran’s ability to generate and access foreign currency.
Oil exports are particularly important because they traditionally provide Iran with a major source of hard-currency earnings.
The current conflict and restrictions on shipping have added another layer of pressure. Reuters reported last week that constraints on oil exports and access to foreign currency had become important components of Washington’s strategy against Tehran.
China remains a particularly important factor because of its role as a major buyer of Iranian oil, while Washington is seeking to increase pressure on countries and businesses that continue economic dealings with Tehran.
Iran Acknowledges Economic Difficulties
Hemmati’s attempt to reassure financial markets comes as other senior Iranian officials have acknowledged mounting economic challenges.
Reuters noted that Iranian officials, including President Masoud Pezeshkian, have pointed to increasing difficulties created by sanctions and restrictions on the country’s economy.
Hemmati nevertheless argued that Iran’s financial system continued to function and rejected suggestions of imminent economic breakdown.
He characterised claims of collapse as part of psychological pressure against Iran.
The central bank governor also acknowledged that authorities still had to deal with pressures affecting people’s livelihoods, making his statement more accurately a claim of financial resilience rather than an assertion that Iran’s economic problems have ended.
Economic Battle Intensifies Alongside Military Tensions
The currency dispute is unfolding as military tensions between Washington and Tehran have also risen again.
US forces recently struck Iranian rocket launchers on Larak Island, while Iran responded with missile attacks directed at US military positions in Jordan. Trump subsequently threatened further action against Tehran.
The renewed confrontation has also pushed oil prices higher and intensified uncertainty around the Strait of Hormuz, a strategically important route for global energy supplies.
Washington is therefore applying both military and economic pressure, while Tehran is attempting to demonstrate that neither approach has forced it into capitulation.
What the $2 Billion Pledge Actually Means
Hemmati’s statement should not be interpreted as evidence that Iran has disclosed $2 billion in total reserves.
The figure refers specifically to the amount the central bank says it is prepared to inject into the foreign exchange market to manage volatility. Iran’s governor says additional domestic reserves, foreign-currency receivables and other resources are available, but he has not publicly quantified them.
Nor does the announcement mean the rial has recovered or that inflationary pressures have disappeared.
Instead, the central bank is signalling that it believes it retains sufficient resources to intervene in the currency market despite sanctions.
Whether that intervention can produce a sustained stabilization of the rial will depend on broader factors including inflation, oil-export revenues, sanctions enforcement, access to overseas earnings and the trajectory of the US-Iran confrontation.
