The governor of Iran's central bank said on Sunday that Tehran will fight the West's economic sanctions by utilizing the country's $ 150 billion in foreign exchange reserves.

Mahmoud Bahmani said although the West has banned financial transactions with the Central Bank of Iran (CBI), the CBI has prepared plans to deal with the sanctions.

'We are implementing programs to counter sanctions and we will confront these malicious policies,' he told reporters as the European Union's oil embargo against Iran took effect on July 1.

He said the foreign reserves would provide Iran with the liquidity to pay for its imports.

Iran gains 100 billion dollars from oil exports and 40-50 billion dollars from non-oil commodities, he explained.

'Oil revenues in the worst situation meet all Iran's needs to 70 billion dollar imports,' the central banker said.

However, he said the country should reduce the import of non-essential goods.

Bahmani also said Iran will not remain “passive” in the face of new EU embargo on the country's oil sector.

Vice President Mohammad Reza Rahimi also said on Saturday that Iran has stockpiled the population's daily needs to reduce the impact of the embargo hitting the oil and banking sectors.

'Today, we are facing the heaviest of sanctions and we ask people to help officials in this battle,' Rahimi stated.

On Saturday Bahmani said Iran is 'easily' selling its oil despite all current and future sanctions because some countries have received waivers from the U.S. to import Iranian oil.

The State Department has announced that China, India, Japan, Malaysia, South Korea, Singapore, South Africa, Sri Lanka, Turkey and Taiwan have been given waivers from the U.S. in exchange for 'significantly reducing' oil imports.