Iran’s Foreign Exchange Reserves Level Unprecedented: CBI Chief
TEHRAN (Tasnim) – Governor of the Central Bank of Iran (CBI) Abdonnaser Hemmati highlighted the country’s success in increasing its foreign exchange reserves and said they are at an unprecedented level now compared to the past decade.
Speaking to the Islamic Republic of Iran Broadcasting on Tuesday night, Hemmati pointed to the CBI policy of “open market operations” and said that most countries in the world carry out their monetary and inflation control policies through open market operations.
“These operations are an important tool in the structure of central banks across the globe, the official added.
“Our foreign exchange reserves (levels) are unprecedented (compared to the levels) over the past decade, but we will not inject these (reserves) to the market because they are the country’s strategic reserves and support for the central bank,” Hemmati went on to say.
The remarks come against the backdrop of increased tensions between Iran and the US with Washington imposing new sanctions against the Islamic Republic.
The US has ratcheted up pressure on Iran since last year after withdrawing from the 2015 nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).
Since then, the administration of US President Donald Trump is trying to reduce Iran’s oil exports to “zero,” and has sent an aircraft carrier strike group, a bomber squad, an amphibious assault ship, and a Patriot missile battery to the Middle East to try to stack up pressure on Tehran.
Iranian officials, however, have dismissed such moves as psychological warfare, saying the country has its own ways of circumventing the American bans.