Despite mounting economic pressures on households, Central Bank of Iran (CBI) Governor Abdolnaser Hemmati said the country remains on a gradual path toward economic improvement, with inflation control at the core of monetary policy.
Speaking in remarks reported by ISNA, Hemmati stressed that without “meaningful and sustained” inflation control, goals such as higher employment, stronger production growth and overall economic stability would remain unattainable.
He emphasized that, under current conditions, the CBI will set aside any policy objectives that conflict with the priority of containing inflation.
Hemmati pointed to recent developments in the foreign exchange market as evidence of progress. Following the implementation of a new currency policy, trading volume in the integrated commercial FX market exceeded $3 billion over the past month. This figure represents a 70% increase compared with the previous month and is 35% higher than the average of recent months.
According to the CBI chief, the rising volume signals a deepening of the market and strengthens its role in guiding exchange rates. He added that continued market deepening remains the most influential factor in stabilizing the rial.
The CBI governor acknowledged that Iran is operating under complex and difficult conditions, arguing that accepting responsibility in such an environment is a prerequisite for meaningful economic reform.
He cited four structural challenges behind persistently high inflation and weak, unstable growth: the government’s budget deficit, severe constraints on foreign trade and financial transactions, balance sheet problems in parts of the banking sector, and entrenched inflationary expectations.
Hemmati expressed hope that, within the existing legal framework, coordinated monetary, banking, fiscal and currency policies would help prevent repeated episodes of FX market volatility.
He underlined the need for cooperation among state institutions, including the government, parliament and the judiciary, to reduce the overall cost of economic adjustment.
Concluding his remarks, Hemmati reiterated that despite visible hardships faced by the public, the CBI remains fully committed to a gradual economic recovery through inflation control, better management of the external sector and a sustained reduction in uncertainty.
