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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.
A man walks past the Central bank of Iran in Tehran, Iran August 1, 2019. Nazanin Tabatabaee/WANA (West Asia News Agency) via REUTERS  ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY - RC11AFC63C40

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.”

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