Iranian authorities are confident that the country's domestic capabilities are sufficient to keep the economy running, despite new economic sanctions announced by the United States this week. Iranian Economy Minister Ali Madanizadeh stated that Iran has developed a two-year plan and has the ability to circumvent sanctions. Abdolnasser Hemmati, Governor of the Central Bank of Iran, said that oil exports have almost completely stopped, but the central bank has ample foreign exchange reserves for essential imports. Government spokesperson Fatemeh Mohajerani stated that the Iranian people should not expect the situation to improve in the coming year. The Iranian rial fell to a record low of 2.05 million rials to the US dollar on the open market on Tuesday, recovering slightly on Wednesday. Minister of Agriculture Gholam-Reza Nouri said that Iran's short-term goal is to increase domestic food self-sufficiency to 90%.