TEHRAN: The Governor of the Central Bank of Iran, Abdolnaser Hemmati, has characterized the recent sharp decline of the country’s national currency as “temporary,” downplaying market volatility as the Iranian rial hit new historic lows.
Speaking on state television on Monday, Hemmati assured the public that the foreign exchange spikes are short-term market fluctuations and insisted that economic stability would eventually be restored.
The Iranian rial has lost nearly 10 percent of its value over the past fortnight. The latest drop comes as Washington prepares to unveil expanded secondary sanctions and heightened economic pressure against Tehran.
The central bank governor attributed the bulk of the domestic economic strain to “American political propaganda,” urging the country to stay the course despite external pressures.
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