Iran Says It Has Enough Foreign Currency to Survive US Pressure, Pledges $2 Billion to Stabilise Rial

Iran’s central bank has sought to reassure markets that the country has enough foreign currency to meet its needs despite intensifying US sanctions and a naval blockade, with Governor Abdolnaser Hemmati saying the bank is prepared to inject up to $2 billion into the foreign-exchange market to contain volatility.

Hemmati’s comments come as Iran faces mounting economic pressure, with the rial hitting a record low and inflation soaring. The central bank’s unusually direct reassurance appears aimed at preventing further panic in currency markets and countering US claims that economic pressure is weakening Tehran.

Iran Says Foreign-Currency Reserves Are Sufficient

Speaking to the semi-official Tasnim news agency, Hemmati said Iran has sufficient foreign-currency reserves and other resources to meet its requirements.

He said details about the reserves could not be disclosed for security reasons, but added that the central bank continues to collect foreign-currency receivables and can also draw on domestic reserves.

Hemmati also said the central bank is ready to inject as much as $2 billion into the foreign-exchange market if necessary to calm recent volatility.

Addressing US Treasury Secretary Scott Bessent directly, Hemmati said: “I am telling the President of the United States: Iran has (foreign) currency and it has enough.”

Rial Plunges as Inflation Surges

The reassurance comes against a backdrop of severe economic stress.

The Iranian rial fell to a record low in August, crossing the 2 million-rial-per-US-dollar threshold. At the same time, annual inflation reached 66% in July, adding further pressure to household purchasing power and the cost of imports.

US sanctions have intensified the squeeze by restricting Iran’s access to international financial channels and targeting its oil exports, a crucial source of foreign currency. Washington has also enforced a naval blockade aimed at restricting Iran’s ability to export oil and generate hard-currency revenues.

For businesses and importers, continued access to dollars and other foreign currencies is critical for paying for goods and maintaining supply chains.

Hemmati Admits Life Is Getting Harder

Despite his confidence about Iran’s reserves, Hemmati acknowledged that economic conditions have become increasingly difficult for ordinary Iranians.

He said managing people’s livelihoods has become challenging but rejected predictions that the Iranian economy is heading toward collapse.

According to Hemmati, economic collapse “has never happened and will never happen,” while he described forecasts of an impending breakdown as a form of “psychological warfare.”

The comments reflect Tehran’s broader effort to project economic resilience at a time when currency depreciation and high inflation are becoming increasingly visible to the public.

US Says Economic Pressure Is Working

Washington has taken a sharply different view of Iran’s economic position.

US Treasury Secretary Scott Bessent said Iran was “lashing out kinetically because they are losing economically,” suggesting that the combination of sanctions and restrictions on oil revenues is placing increasing pressure on Tehran.

That assessment directly contrasts with Hemmati’s message that Iran retains sufficient financial resources to withstand the pressure.

The central question is therefore not simply how much foreign currency Iran holds, but how much of it can actually be accessed and deployed while sanctions and the naval blockade remain in place.

How Long Can a $2 Billion Intervention Last?

Hemmati did not disclose the size of Iran’s usable foreign-currency reserves, nor how much of its reported reserves can be accessed under current sanctions.

That distinction is crucial.

A $2 billion intervention could provide temporary support for the rial and reassure importers, but its effectiveness would depend on the scale of market demand, Iran’s continuing access to foreign-currency revenues and the duration of US pressure.

If oil revenues and other hard-currency inflows remain restricted, sustained intervention could become increasingly difficult even if Iran has substantial reserves on paper.

What Happens Next?

Iran is now trying to send two messages simultaneously: that its economy is under serious pressure, but that the state still has enough financial resources to prevent a full-blown currency crisis.

The central bank’s willingness to commit up to $2 billion is therefore both an economic intervention plan and a signal to markets.

Whether it succeeds will depend on whether the measure can reverse confidence in the rial or merely slow its decline. With the currency already at historic lows and inflation at 66%, the pressure on Tehran is likely to remain intense as long as sanctions and restrictions on oil exports continue.