Iran’s economy much different than in Trump's first term: CBI chief
Governor of the Central Bank of Iran (CBI) says the country has become resilient to the impacts of US sanctions as he insists that Donald Trump’s reelection as US president would have almost no impact on the Iranian economy.
Mohammad Reza Farzin said in an interview with the state TV late on Saturday that Iran’s economy is much different now than in 2016 when Trump became US president for the first time.
“Our economy is not the economy that existed when Trump came (to office), our dependencies have significantly reduced,” said Farzin.
He elaborated by saying that Iran has managed to reduce the share of the US dollar in its foreign trade while trying at the same time to persuade more countries to engage in bilateral trade in local or regional currencies.
The CBI chief said a sign that the Iranian economy has become immune to the impacts of presidential elections in the US is the fact that Trump’s reelection earlier this week hardly affected the country’s financial and foreign exchange markets.
He said that the CBI had increased Iran’s gold reserves in the past couple of years “to a desirable level” while insisting that the country is also using its hard currency resources in other countries despite restrictions imposed by the US.
Farzin said that Iran is currently a member of the BRICS grouping of developing countries where governments are increasingly distancing themselves from dollar-based banking and financial arrangements including the SWIFT banking system.
“We were the ones who proposed many of the initiatives that the BRICS is currently working on,” he said.
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