Nov 03, 2018 10:17 Asia/Tehran
  • US unable to cut-off Iran's oil exports: Head of Central Bank

The head of the Central Bank of Iran (CBI), Abdol Nasser Hemmati, has said the US has granted waivers and exemptions to numerous countries wishing to do business with Iran, particularly those countries buying Iranian oil, signifying America's inability to cut-off Iran's oil exports.

Iran pressIran news: Speaking on Friday Hemmati said: "It has become obvious to all that the United States will be unable to reduce Iran's oil exports to zero, and this is why the US has exempted numerous countries from sanctions, countries which buy Iran's oil."

According to an Iran Press report, Hemmati added: "As more and more countries trading with Iran gain exemption from US sanctions, the commercial climate and business sentiment within Iran is also changing. The foreign currency reserves of Iran are also at an all-time high, thanks to the policies pursued by the Central Bank of Iran (CBI) in recent months. Although it is highly unlikely, even if Iran's oil exports are substantially reduced, we will no doubt be able to cope given the level of our foreign currency reserves."

In further remarks the head of the CBI said: "All our efforts are aimed at reducing inflation and having a stable foreign currency trade, with the Central Bank and the government working closely hand-in-hand to achieve this objective. We are particularly aware of low-income families, and we are doing everything we can to support them, and to reduce inflation." 

The United States plans to reimpose oil-related sanctions on Iran on November 4, but the Trump administration announced on Friday that it was exempting eight countries from secondary sanctions.

U.S. Secretary of State Mike Pompeo, who announced the decision, did not name the eight, but Turkish Energy Minister Fatih Donmez told reporters Turkey is among the eight countries according to the information it has received.

Reuters also quoted three Iraqi officials as saying that Washington has told Baghdad it will be allowed to keep importing crucial gas, energy supplies and food items from Iran after the re-imposition of sanctions. 101/211


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