Iran's Central Bank chief speaks out on currency plunge, $15 billion French credit line
Iranian Central Bank governor Abdulnaser Hemmati speaks in-depth about the re-imposition of US sanctions on his country, the unprecedented plunge of the rial and more.
In an exclusive interview with Al-Monitor, the governor of Iran’s Central Bank, Abdulnaser Hemmati, said he has been able to strengthen the Iranian rial by 40% since the onset of new US sanctions in 2018 that led to the currency's free fall.
Commenting on INSTEX, a financial mechanism set up by Britain, France and Germany to facilitate Iranian trade in light of US sanctions, the Central Bank chief voiced his pessimism, stating, “I have come to the conclusion that the issue is not with INSTEX and its mechanism. The issue is that the Europeans seem to need US approval for their plans.”
Asked about the destiny of a $15 billion credit line proposal from the French, he answered that “it depends on the Europeans and the United States to work it out.”
The following is a transcript of Al-Monitor's interview with Hemmati, who was named as Central Bank governor in July 2018, coinciding with some of the worst days faced by the Iranian economy after the reimposition of US sanctions. It has been edited slightly for clarity.
