(Persia Digest) – By pointing out that the US sanctions policy has failed, the Governor of the Central Bank of Iran (CBI) writes: “As compared to a year ago today, the national currency of Iran, IRR, is 40 percent stronger, inflation has slowed down, and economic growth is on the horizon.”
Abdolnaser Hemmati continued on his Instagram page: “Our economy was in a bad place last year. By starting a full-blown economic war with us, the US and its regional allies set their psychological warfare and propaganda machine in motion and aimed for the collapse of Iran by crippling its economy and national currency, leading to chaos and disorder across the country.”
He continues: “But we were able to face the toughest, most unprecedented sanctions and monetary and financial restrictions and return stability to the currency and other markets. As compared to a year ago today, the national currency of Iran, IRR, is 40 percent stronger, inflation has slowed down, and economic growth is on the horizon.”
He finishes by promising an upswing in the living conditions of those affected financially by the pressures of sanctions.
Persia Digest (PD) reports that as from May last year when the US pulled out of the 2015 JCPOA nuclear deal, reinstating tough sanctions on Iran, the Iranian economy experienced a downturn, especially in the summer of 2018, and the IRR was sharply devalued, leading to unprecedented inflation rates. However, in the last six months, relative stability has dominated all financial and monetary markets in Iran, and as the Governor of The Central Bank of Iran has said the Iranian rial has recovered in value.