Abdolnaser Hemmati said in a post on his personal Telegram channel on Friday that he had discussed Iran’s economic situation in a television interview with Bloomberg on the sidelines of the annual meetings of the International Monetary Fund and the World Bank last week.

He attributed the sharp acceleration in inflation during the spring to two main factors: a supply shock caused by damage to infrastructure and industrial facilities, and demand-side inflation expectations. Some damaged industrial facilities have returned to production, while central bank monetary tools had helped contain inflation expectations to some extent, he said.

Hemmati also said US efforts to isolate Iran economically and tighten the pressure on its economy had failed to achieve their main objective, despite imposing a heavy economic burden on the population.

Addressing the impact of lower oil revenues, Hemmati said oil accounted for a limited share of the government’s budget in rial terms. The government planned to cover its budget deficit through other rial-denominated resources, including asset sales, energy-sector reforms and exports of petroleum products.

He added that Iran was still receiving foreign currency from oil exports and had made arrangements to address any potential challenges in the future.

Hemmati also said the central bank’s reserves were in good condition and could finance the country’s imports until the end of US President Donald Trump’s term and beyond.

To help households recover lost purchasing power, he highlighted the government’s commodity voucher program and gradual increases in the rial value of the assistance for low-income families.