Iran's CBI Governor Underlines Stability in Forex Market

Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati announced that despite the US sanctions and pressures, the Forex market continues stability.

FARS- Thanks to Iran’s potentials, facilities and foreign exchange reserves, relative stability will continue in Forex market, Hemmati wrote on his Instagram page on Wednesday.
He said that due to the CBI's currency policies, role of non-oil exporters and the CBI's management for controlling the Forex market, Iran will observe facilitating imports demands and making the Forex rate more logical.
"I have repeatedly emphasized that in sanction era, some political factors also have minor impact on currency fluctuations, and the seemingly positive and negative news can partly affect the currency market," Hemmati noted
He, meantime, added that whatever he said about reinforcing the national currency does not deny the impact of cruel sanctions on the value of the national currency, the level of prices and the vulnerable people.
Hemmati had also, in an Instagram post, on Monday recounted that the value of his country’s national currency had improved by 21%, adding that Tehran had succeeded in beating the US sanctions.
Marking the first anniversary of the start of Washington’s campaign to cut Iran’s oil exports to zero, Hemmati said that stability is returning to the country's economy while the US has employed banking sanctions, economic war, and also restricted Iran's oil sale in the past year to make the Iranian economy implode.
He added that it is exactly one year since the US started an economic war, banking sanctions, and also attempted to push Iran's oil sale to zero.
Hemmati said that it was very difficult to predict developments in coming years and the situation was worrying.
The top banker of the country added that the US failed to reach its ultimate goal, which was bringing Iran to its knees.
Hemmati said that the Iranian rial has gained 21% of its value back compared to US dollar in the past year and the impact on the welfare of the lower-income class of Iranian people is now being fixed.
Eventually, important economic indexes, like inflation and non-oil growth, are improving again, he said.

Publish Date: Nov 9, 2019