Iran’s Hemmati warns against monetary financing

Rial banknotes
Rial banknotes
Adam Jones

Abdolnaser Hemmati, former governor of the Central Bank of Iran, has warned the government was engaging in “indecent borrowing” from the CBI to cover spending.

Hemmati’s intervention, via his Telegram channel, came “a few days” before the newly elected president, conservative jurist Ebrahim Raisi, took office, on August 3. Hemmati had been one of Raisi’s opponents in the June election.

The former governor urged the government to finance the coming year’s large budget deficits through bond

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