CBI Chief Underlines Failure of US’ Maximum Pressure Campaign on Iran

Governor of the Central Bank of Iran (CBI) Abdonnaser Hemmati highlighted the ineffectiveness of US sanctions against the Islamic Republic and said Washington has failed in its campaign of maximum pressure on Tehran.

“Stabilizing the (Iranian) market certainly does not mean stopping (inflation) or lowering prices and relieving economic pressure on the middle and lower income classes but merely indicates the US failure to achieve its goals behind the maximum pressure (campaign on Iran),” Hemmati said on social media on Saturday.

“Therefore, support for people on low and fixed incomes should be seriously pursued,” he added.

The top banking official further said efforts are underway to increase the country’s revenues from the exports of oil and non-oil products in various ways.

The remarks came against the backdrop of increased tensions between Iran and the US with Washington imposing new sanctions against the Islamic Republic.

The US has ratcheted up pressure on Iran since last year after withdrawing from the 2015 nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).

Since then, the administration of US President Donald Trump is trying to reduce Iran’s oil exports to “zero,” and has sent an aircraft carrier strike group, a bomber squad, an amphibious assault ship, and a Patriot missile battery to the Middle East to try to stack up pressure on Tehran.

Iranian officials, however, have dismissed such moves as psychological warfare, saying the country has its own ways of circumventing the American bans and selling crude oil.

In comments on April 24, Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei said the US’ attempts to block the export of Iranian oil will get nowhere as Tehran will be exporting any amount of crude it needs and wants.