Mahmoud Bahmani argued that an economic crisis like the 1929-33 Great Depression is awaiting the West.
Oil prices have fallen more than 70 percent since July last year when the prices reached 147 dollars per barrel.
"I believe that America and Europe will face a crisis like the 1929 crisis in the near future," Bahmani told MNA on Friday.
He also said that the United States and Europe will face a more troubled economy and higher inflation than the current rate.
"We had also predicted the financial crisis in America and Europe before the happening of the (current) crisis."
The central banker added that currently the US is selling its goods at half a price or even a third of the real price at international markets and this would "hurt production" in the country.
According to The New York Times, the Senate on Thursday voted to release the second half of the financial industry bailout fund and House Democrats unveiled an $825 billion fiscal recovery plan aimed at putting millions of unemployed Americans back to work.
Bahmani said the US is printing money to inject into the market and this will lead to price hikes.
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