Iran’s chief banker says economy emerged from harshest year on record

Press TV – The governor of the Central Bank of Iran (CBI) says robust and sound monetary policies adopted by the bank helped the country come back from the harshest of shocks that an economy could face in one single fiscal year.

Abdolnasser Hemmati said on Thursday that Iran, already grappling with the worst of economic problems caused by the US sanctions, is successfully coping with the impacts of a coronavirus outbreak that is battering many other economies around the world.

“That is a sign the CBI, within its own means, has managed to neutralize many of the (economic) blows and prevent harsh damage to the economy,” said Hemmati in a post on Instagram marking the end of the Iranian calendar year.

Hemmati said the fiscal year of 1398 was one of the worst on record for Iran in terms of outside shocks and their impacts on the day-to-day life of the Iranians.

However, the chief banker said that those problems failed to undermine the country’s overall financial and economic stability and even prompted the CBI to implement a series of deep monetary and forex policy reforms.

“Our country was hit by the harshest of economic storms in an unfair and oppressive manner … the arbitrary and unilateral American sanctions, the deep shock on oil exports, intensive restrictions on banking exchanges … and finally the spread of coronavirus in the country,” said Hemmati, adding that each one of those shocks would be enough to cause an economy to crumble.

The United States began to impose a raft of economic sanctions on Iran in November 2018, months after Washington withdrew from an international agreement on Iran’s nuclear program.

Experts believe the sanctions, some of them unprecedented in the history of the world, have effectively failed to meet their original objectives which was to force a change in Iran’s regional and international policies.