During a rally in New Hampshire, former President Donald Trump touted his administration’s policies on Iran, saying they
“When I came into office, Iran had $70 billion in foreign exchange reserves. … By the time I left, they had nothing. They were broke.”Current and pre-revolution Iranian banknotes and foreign currencies are displayed by a vendor in downtown Tehran, Iran, on Feb. 26, 2023. Trump’s numbers are off — Iran’s reserves were larger than he states and did not drop to zero — but he’s on point about the plummeting trend line.
"When I came into office, Iran had $70 billion in foreign exchange reserves," Trump said."It was loaded up with money that's from Obama. His piggy bank was full and it was also full of terrorists. By the time I left they had nothing. They were broke. They were broke." When foreign entities purchase Iranian goods, they typically pay either in U.S. dollars, their own currency, or another widely used currency such as euros. So, making it harder for Iran to conduct business with other countries meant that its supply of foreign currency dwindled, as existing Iranian stashes of foreign currency weren’t replaced when spent on overseas goods.
"The policy that the Trump administration pursued led to a significant decline in the readily available official reserves of Iran," or the foreign currency to which Tehran has full access, said Saeed Ghasseminejad, a senior advisor on Iran with the Foundation for the Defense of Democracies, a right-leaning think tank in Washington, D.C.
The Trump-era sanctions did not lead to the ouster of Iran’s government, and it continues to play an international role at odds with U.S. foreign policy. But on the metric of foreign reserves, Trump was close to accurate.Trump said,"When I came into office, Iran had $70 billion in foreign exchange reserves. … By the time I left, nothing. They were broke."
Email interview with Saeed Ghasseminejad, senior advisor on Iran with the Foundation for the Defense of Democracies, Oct. 24, 2023“When I came into office, Iran had $70 billion in foreign exchange reserves. … By the time I left, they had nothing. They were broke.”
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