Iran has sufficient foreign currency reserves despite US sanctions, Central Bank Governor Abdolnaser Hemmati says, after US Treasury Secretary Scott Bessent said Tehran was lashing out because it was losing the economic war, Reuters reports.

The central bank was ready to inject up to $2 billion into the foreign exchange market to calm recent volatility, Hemmati said, according to the semi-official Tasnim news agency.

“I am telling the President of the United States: Iran has (foreign) currency and it has enough,” he added.

Hemmati said the central bank was continuing to collect foreign currency receivables and had domestic reserves as well as other resources, though he added that details of those could not be disclosed.

“I tell the people with complete honesty that economic conditions and livelihood management have become difficult, but collapse has never happened and will never happen. These claims are just psychological warfare and the dust will settle soon,” Hemmati said.