Iran: National Currency Regains 21 Percent of Its Value

Published November 5th, 2019 - 08:30 GMT
Iran: National Currency Regains 21 Percent of Its Value
US has failed in making Iran kneel through applying the maximum pressure policy. (Shutterstock)
Highlights
The value of dollar against rial has decreased from its previous 143,500 rials last year to its current 111,000 rials today

Governor of Central bank of Iran says the national Iranian currency, rial, has regained its value by 21 percent against the US dollar over the past year.

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In an Instagram post, Abdolnasser Hemmati noted that “today, on Aban 13, 1398 (Nov. 4, 2019), one year has passed since the beginning of US economic war and  sanctions on banking relations and oil exports but the US has failed in making Iran kneel through applying the maximum pressure policy.”

“The value of dollar against rial, which is regarded by Americans as the main factor showing the impact of their pressure on Iran, has decreased from its previous 143,500 rials last year to its current 111,000 rials today,” he wrote.

"Despite the inflation rate growth which was experienced due to forex rate fluctuations last year, the economy is experiencing stability and main indices such as inflation and non-oil growth are improving, now," he added.

As Hemmati informed, efforts are now focused on growth of gross fixed capital formation, boom in national production, reduction of budget reliance on oil revenues, scaffolding economy against fluctuations in oil income, and acceleration of making amendments in Iran's banking system.


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