Iran Confirms Foreign Currency Reserves Amid US Sanctions

Iran's President Masoud Pezeshkian announced on Tuesday that Tehran is prepared to reciprocate if the United States fulfills its commitments under an interim agreement signed in June. He made this statement while attending the Shanghai Cooperation Organisation Summit in Bishkek, following recent escalations in US-Iran tensions, including military strikes from both sides.

According to the Iranian central bank chief, Abdolnaser Hemmati, the country has adequate foreign currency reserves despite the impact of US sanctions, which have put significant pressure on the Iranian economy. The recent devaluation of the Iranian currency, which saw it plunge to a record low exceeding 2 million rials to the US dollar in August, has contributed to challenges in the foreign exchange market.

Hemmati also mentioned that the Iranian central bank is ready to inject up to US$2 billion into the foreign exchange market to mitigate recent volatility. This move aims to stabilize the currency amidst rising inflation, which reached an annual rate of 66% by July.

Pezeshkian's remarks come after a period of heightened military tensions, where recent exchanges of strikes occurred between the US and Iran, reigniting concerns about their fraught relations. His call for the US to comply with previous agreements reflects ongoing discussions on diplomatic resolutions despite economic strains.

The Iranian leadership's stance indicates a willingness for dialogue, provided the US demonstrates commitment to its obligations under the interim deal, as articulated by Pezeshkian.