CBI head says major part of US sanctions rendered ‘ineffective’

TEHRAN (defapress) – Governor of Central Bank of Iran Abdolnaser Hemmati said a major part of US economic sanctions against Tehran has been rendered ineffective due to CBI’s efforts and policies.

News ID: 72965

Date: 09 October 2018 - 11:45

“Our efforts have rendered a great part of sanctions ineffective, and fortunately, the country has a good enough backing to withstand an economic war,” the Central Bank of Iran quoted Abdolnaser Hemmati as saying on Tuesday.

Following Donald Trump’s withdrawal from the 2015 Iran nuclear deal, the US has reinstated economic sanctions against Iran, and made efforts to prevent other countries from doing business with the Islamic Republic. The second batch of US sanctions, targeting Iran’s oil and banking sectors, will be imposed on Nov. 4, as part of Washington’s economic war waged against Tehran.

The CBI governor went on to add that the Central Bank has been given permits from the heads of the three branches of government to have an active presence in the currency market, in an effort to reign in the plunge of the value of national currency the rial against US dollar.

Reports indicate that the recent intervention of the CBI in the currency market has succeeded in bringing relative calm to the market, helping the rial to regain some of its lost values.

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