Iran central bank says foreign currency supply to rise after US waivers

Iran’s Central Bank Governor Abdolnaser Hemmati said on Wednesday he had more leeway to significantly increase the allocation and supply of foreign currency after recent US waivers and improved access to foreign assets, Noor News, a website close to the Iranian Supreme National Security Council (SNSC) reported.

Hemmati said the central bank would start using part of the foreign currency reserves built up in recent months and that a visible change in currency supply for industry would begin on Saturday, according to the report.

He said $2 billion would be supplied in the first phase, adding that increased currency access for basic goods, raw materials and production needs could help reduce import-related price pressures.