Iran's Foreign Currency Market Climbing Back to Stable Conditions

Published December 23rd, 2018 - 07:50 GMT
According to Hemmati, the Central Bank of Iran had been focused mainly on stabilizing foreign-exchange market over the past few weeks through promoting Iran’s national currency. (Shutterstock)
According to Hemmati, the Central Bank of Iran had been focused mainly on stabilizing foreign-exchange market over the past few weeks through promoting Iran’s national currency. (Shutterstock)

Relative stability along with reinforcing the national currency has calmed the market, wrote Abdolnaser Hemmati.Governor of the Central Bank of Iran (CBI), on his Instagram page.

He stressed the good condition of the country’s current foreign exchange reserves, adding, CBI utilized its full capacities to enhance economic growth and makes every effort to safeguard the deposits of Iranians in banks. 

Fluctuations have faded away in Iran’s foreign exchange, gold, and coin market in recent weeks, rolling back the prices to that of five months ago.

Experts believe that the decisions of CBI have successfully lowered the demand for money in domestic market and brought economic stability.

Earlier on December 11, Hemmati announced that the country has launched mutual financial channels with a number of world states for money transactions to confront the US sanctions.

"Practically, currency swapping treaties have been signed between Iran and some countries and this will be strengthened in the future," Hemmati said, addressing a host of economic activists in Tehran.

He described launching financial channels between Iran and several other countries to exclude dollar from Iran's trade with those states as an important measure to confront the US economic sanctions against Tehran.

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Early in November, he had said that the US had failed in its efforts to cut Iran’s oil revenues to zero with sweeping sanctions, while the country was ready to combat even worse conditions.

Hemmati made the point posting a message on his Instagram page, underlining that it was no secret any more that the US had failed to carry out its earlier threats to push down Iran’s oil sales to zero under various pretexts.

“The Central Bank of Iran has developed various plans to cope with the worst-case scenarios after the second round of the US sanctions is carried out. Meanwhile, we have managed to build up our foreign exchange reserves over the past months,” he said.

According to Hemmati, the Central Bank of Iran had been focused mainly on stabilizing foreign-exchange market over the past few weeks through promoting Iran’s national currency.

“I’m sure that the great Iranian nation will leave behind successfully the current volatile situation. We are now developing new plans to restore balance to the market and prevent from further inflation,” he noted.

This article has been amended from its original source.


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