Iran Has Enough Forex Reserves, Ready to Pump $2 Billion Into Market: Central Bank Chief

Iran Ready to Inject $2 Billion to Stabilize Rial Amid Economic Pressure

Iran has sufficient foreign currency to continue paying for essential imports and is prepared to inject up to $2 billion into the foreign exchange market to stabilize the rial, Central Bank Governor Abdolnaser Hemmati said on Tuesday. 

Hemmati said the Central Bank has access to several sources of foreign currency, including revenues from oil and non-oil exports, as well as reserves that remain accessible despite international sanctions.

He said Iran had supplied more than $18 billion in foreign currency since March 21, the beginning of the Iranian year, to finance imports of essential commodities such as food, medicines, animal feed and raw materials for factories.

The Central Bank also injected $500 million into the foreign exchange market last week as authorities sought to ease pressure on the rial. 

The announcement comes as the Iranian currency faces severe pressure. The rial recently fell beyond 2 million rials per U.S. dollar, while inflation and sanctions have intensified economic difficulties. 

Hemmati's remarks are aimed at reassuring markets and the public that Tehran still has sufficient foreign-exchange resources to support essential imports and manage currency volatility.