Iranian economy not on brink of collapse, Central Bank Governor says

Iran's economy is not on the brink of collapse, and Tehran possesses sufficient foreign exchange resources and reserves, Report informs, citing Iranian media referencing remarks by Governor of the Central Bank of Iran Abdolnaser Hemmati at the 36th Islamic Banking Conference.

"I categorically declare that the assertion that Iran has entered an economic collapse does not correspond to reality," he said.

According to Hemmati, the inflow of foreign currency into the country and the accumulation of reserves are continuing. He noted that Iran has both domestic reserves and additional resources, details of which cannot be disclosed.

Hemmati also stated that the Central Bank is prepared to allocate up to $2 billion to the foreign exchange market to stabilize the situation. According to him, recent fluctuations were driven more by psychological factors than by fundamental economic indicators.

Addressing inflation, Hemmati stated that Iran has not entered a phase of hyperinflation, and the probability of such a scenario remains low. He noted that the Central Bank is taking monetary and preventive measures to curb inflationary pressures.

According to Hemmati, the volume of bank lending from the beginning of the year through September 6 reached 4,050 trillion rials ($4.05 billion), marking a 69% increase compared to the same period last year.