Iran's chief banker reveals plans to counter US Sanctions
- 03 May 2019
Governor of the Central Bank of Iran (CBI) Abdonnaser Hemmati said the CBI has six plans to control the country’s foreign exchange market and offset the new phase of US sanctions against the Islamic Republic, ONAreports citing Tasnim.
“The CBI has already taken measures necessary to counteract and neutralize US economic pressures,” Hemmati said in a post on his Instagram page on Friday.
It is also prepared to control the foreign exchange market and curb inflation, he added in the post.
He further listed the CBI’s six plans to counter the US sanctions, including the adjustment of foreign exchange policies for the growth of non-oil exports and the return of foreign currencies to the country's economic cycle.
The remarks came as US President Donald Trump’s administration on Thursday stopped issuing waivers that allowed some countries to continue buying Iranian oil.
In remarks on April 24, Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei said the US’ attempts to block the export of Iranian oil will get nowhere as Tehran will be exporting any amount of crude it needs and wants.
Describing a cut in Iran’s reliance on the export of oil as an opportunity, the Leader said such an opportunity will be used for further reliance on internal capabilities.
In April, the White House said Trump “has decided not to reissue” waivers regarding sanctions against countries importing Iranian oil when the waivers expire in early May.
US Secretary of State Mike Pompeo said at the time that Saudi Arabia and the United Arab Emirates, both OPEC members, have agreed to “ensure an appropriate supply (of oil) for the markets” in order to make up for the loss of Iranian oil in the global market.
Countries that continue to import Iranian oil in large amounts include India, China, South Korea, Japan and Turkey.