Tehran, Karafarinane Eghtesad – Minister of Economic Affairs and Finance Abdolnaser Hemmati says Iran possesses numerous capacities and can win the “economic war” waged by its adversaries, as it overcame a more challenging economic situation six years ago.

The economy minister made the remarks on Sunday during a parliamentary session which he attended to defend his ministry’s performance amid calls for his impeachment over the harsh economic conditions in Iran.

He said that the country once faced similar conditions in 2018 when the United States, under President Donald Trump, imposed its “maximum pressure campaign” on Iran. The Islamic Republic however managed to withstand the pressure at a time when the country’s oil revenue plummeted to just $7 billion annually, Hemmati added.

Further in his remarks, Hemmati presented data to defend his performance as economy minister of the administration of President Masoud Pezeshkian, saying that inflation reached 32% in mid-February, down from 42% the same time last year.

Non-oil exports have increased by 25% over the past five months, while exports to regional countries have grown by 37%, the minister said, adding that the Iranian capital market has witnessed a 40% growth during the same period as well.

Hemmati referred to problems in the foreign exchange market, which have resulted in the national currency plummeting against the dollar.

He said, that is partly blamed on tensions in the West Asia region as well as the restoration of the United States’ “maximum pressure campaign” after Trump returned to the White House this January.  

The Central Bank of Iran (CBI) has already taken measures to control the foreign exchange rate, the minister said. However, he emphasized, addressing domestic economic challenges is partly tied to resolving international issues, as Iran needs to sell its oil.

The Pezeshkian administration is working to address various problems, some of which have been existing before the administration took office, including energy and budget imbalances, Hemmati noted.

While the minister welcomed the push for his impeachment, which he said is indicative of the political maturity of the governing system, he called on lawmakers not to undermine efforts by the Economy Ministry to improve the situation in the country.

4208**4194