US’ desperate bid to intensify sanctions fails to upset Iran’s market: CBI chief

Tasnim – The Governor of the Central Bank of Iran highlighted his CBI’s extensive plans to deal with the illegal and unilateral US sanctions, stressing that desperate attempts to increase sanctions will not deter Iran’s plans for maintaining market stability.

In a statement released on Friday, Abdolnasser Hemmati said the relentless efforts of the US to destabilize Iran’s foreign currency market have failed thanks to the Central Bank’s measures.

What follows is the full text of his statement, published by the government’s official website:

1. The relentless efforts by the US and its agents to destabilize money and foreign exchange markets in Iran are not something new. These efforts have been aimed at sowing negative expectations and bringing the Iranian economy to its knees.

2. Despite all pressures and pain imposed on us, they have certainly failed to achieve their goals. Measures taken by the Central Banks have contained attempts to distort expectations and induce hyperinflation.

3. The temporary surge in the inflation rate, in the first months of this (Iranian calendar) year, mainly due to the pandemic and adverse expectations, is being contained. The Central Bank is committed to achieving its announced inflation target and is utilizing all means to do so.

4. All basic goods are appropriated and the required foreign exchange resources are being provisioned through both the Central Bank and the NIMA system. Despite the fact that the oil revenues have fallen substantially, with the help of our exporters we have provided foreign exchange resources for basic goods and raw materials.

5. The Central Bank has devised its plans based on the continuation of illegal and unilateral US sanctions. Last-minute desperate attempts to strengthen sanctions will not deter our plans for maintaining market stability.

6. The Central Bank has put all its efforts to maintain market stability and mitigate speculative fluctuations, to help sustain economic prosperity and growth. We continue monitoring macroeconomic variables and take appropriate action when deemed necessary