CBI head says major part of U.S. sanctions ineffective

A major part of US economic sanctions against Tehran has been rendered ineffective due to the Iranian Central Bank's efforts and policies, the CBI governor Abdolnaser Hemmati said.

"Our efforts have rendered a great part of sanctions ineffective, and fortunately, the country has a good enough backing to withstand an economic war," the Mehr News Agency cited the CBI governor as saying.

Hemmati added that the Central Bank has been given permits from the heads of the three branches of government to have an active presence in the currency market, in an effort to reign in the plunge of the value of national currency the rial against US dollar.