CBI highlights Iranian rial’s rise against US dollar

Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati highlighted the stability in the country’s foreign exchange market and the recovery of the Iranian currency, rial, against the US dollar in recent months despite increased American pressure and sanctions.

IRAN DAILY- In a post on social media on Tuesday, Hemmati said despite the US administration’s policy of “maximum pressure” against the Islamic Republic, the Iranian rial has risen against the US dollar over the past five months, reported Tasnim News Agency..
The top banking official also published a diagram showing the downward trend of the exchange rate comparing the US dollar to Iran’s national currency.
Back in January, Hemmati clarified CBI plans to neutralize the economic pressure and psychological war waged by the United States and its allies with the aim of crippling Iranian economy including its foreign exchange market.
The market experienced a sharp rise in the value of foreign currencies and gold coin prices in the summer of 2018 The Iranian money plunged to a record low against the US dollar in August that year.
But rial began to bounce back against the dollar later in the year after Hemmati unveiled a new package of regulations on foreign currency trade which lifted a ban on the activity of money exchange markets.

Publish Date: Oct 31, 2019