CBI Chief: Iran’s National Currency Regains Value by 21%

CBI Chief: Iran’s National Currency Regains Value by 21%

Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati, in an Instagram post on Monday, recounted that the value of his country’s national currency has improved by 21%, adding that Tehran has succeeded in beating the US sanctions.

Marking the first anniversary of the start of Washington’s campaign to cut Iran’s oil exports to zero, Hemmati said that stability is returning to the country's economy while the US has employed banking sanctions, economic war, and also restricted Iran's oil sale in the past year to make the Iranian economy implode.

He added that it is exactly one year since the US started an economic war, banking sanctions, and also attempted to push Iran's oil sale to zero.

Hemmati said that it was very difficult to predict developments in coming years and the situation was worrying.

The top banker of the country added that the US failed to reach its ultimate goal, which was bringing Iran to its knees.

Hemmati said that the Iranian Rial has gained 21% of its value back compared to US dollar in the past year and the impact on the welfare of the lower-income class of Iranian people is now being fixed.

Eventually, important economic indexes, like inflation and non-oil growth, are improving again, he said.

O Saturday, Hemmati had said that despite the United States' growing sanctions against Iran, his nation's economy is moving forward in areas of trade, including both oil and non-oil exports.

“Brian Hook: Iran’s oil exports reached 120,000 barrels per day,” Hemmati wrote on his Instagram page.

The CBI governor noted that the US has imposed new sanctions on imports and exports in construction sector, adding that the US together with 6 regional states has sanctioned 25 individuals or entities.

In relevant remarks earlier, Iranian Foreign Minister Mohammad Javad Zarif advised Americans to abandon failed policies, saying Iranians will never submit to bullying.

“Subjecting construction workers to #EconomicTerrorism only manifests maximum failure of 'maximum pressure',” Zarif tweeted on Friday.

"US can sanction every man, woman & child but Iranians will never submit to bullying," he added.

He noted, "Rather than dig itself deeper, US should abandon failed policies & return to #JCPOA."

Spokesperson for the United States Department of State Morgan Ortagus announced earlier that the US is increasing maximum pressure on the Iranian government by targeting Iran’s construction sector.

She claimed that Iran’s construction sector is controlled by the Islamic Revolution Guard Corps (IRGC).

Ortagus also threatened anyone who sells, supplies, or transfers covered materials to Iran’s construction sector to face mandatory sanctions.

Last Updated (Tuesday, 05 November 2019 11:15)