News ID: 233765
Published: 0350 GMT November 03, 2018

CBI: Iran ready for worst-case scenarios

CBI: Iran ready for worst-case scenarios

The US has failed in its efforts to impose sweeping sanctions on Iran's oil exports, said the governor of Central Bank of Iran (CBI).

In his latest Instagram post, Abdolnasser Hemmati underlined that it is no secret any more that the US has failed to carry out its earlier threats to push Iran's oil sales down to zero under various pretexts, Press TV reported.

"Central Bank of Iran has developed various plans to deal with the worst-case scenarios after the second round of the US sanctions is carried out. Meanwhile, we have managed to build up our foreign exchange reserves over the past months," he said.

According to Hemmati, the CBI has been focused mainly on stabilizing foreign-exchange market over the past few weeks by promoting Iran's national currency.

"I'm sure that the great Iranian nation will leave the current volatile situation behind successfully. We are now developing new plans to restore balance to the market and prevent a rise in inflation rate," he noted.

The remarks come after the US administration earlier agreed to allow eight countries to continue purchasing Iran's crude oil after Washington's sanctions on Tehran take place next week.

A senior administration official told Bloomberg that waivers were aimed at preventing oil price hikes and would be granted in exchange for continued import cuts.

Iran has vowed to resist Washington's economic pressure.

It is now in talks with five other signatories to the deal — France, Britain, Germany, Russia and China — to help keep the international document alive and blunt the impact of restoring US bans.

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