Iran’s central bank chief Hemmati dismisses US claims of economic collapse — Cyprus Mail

Iranian Central Bank Governor Hemmati said at a meeting of the International Monetary Fund in Bangkok that US claims of the collapse of Iran’s economy are an illusion. As Cyprus Mail reports, his statement came amid a US maritime blockade aimed at stopping Iran’s oil exports and reducing state revenues.

Pressure on exports and financial ties

Washington resumed the blockade of Iranian ports in July and launched Operation Economic Outcast on August 24. Its stated goal is to sever Iran’s remaining financial and commercial ties with the global economy.

According to the energy analytics platform Vortexa, Iranian seaborne crude oil exports fell to zero in the second week of September. At the beginning of the month, the 14-day average stood at 230,000 barrels per day. As of October 5, exports remained at zero.

In September, the United States also expanded its campaign against Iranian airlines, which, according to the publication, further restricted and increased the cost of the country’s connections with the outside world.

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Rial decline and inflation

US pressure coincided with a sharp weakening of the Iranian rial. According to the exchange-rate tracking service Bonbast, the rial has lost nearly 35% of its value against the US dollar since July.

Hemmati said that the central bank is focused on curbing inflation, stabilizing inflation expectations, maintaining financial stability, and ensuring the operation of banking and payment services. The bank also seeks to provide foreign currency for medicines and essential goods.

According to the Statistical Center of Iran, annual inflation reached 73.6% in September. At the end of September, the central bank launched a program to sell up to $2 billion through state banks to support the rial.