News ID: 235448
Published: 0246 GMT December 08, 2018

Leader urges CBI to boost currency

Leader urges CBI to boost currency
REUTERS

Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei ordered the Central Bank of Iran (CBI) to boost the value of rial, the bank’s governor said on Saturday, after a months-long plunge in the currency due to a faltering economy and US sanctions.

Governor Abdolnasser Hemmati said Ayatollah Khamenei “ordered the bank at a recent meeting to increasingly strengthen the national currency and called for the observance of the independence of the Central Bank,” IRNA reported.

“The Central Bank and the banking system will use all of its managerial power and expertise to fulfill the Leader’s goals,” Hemmati said.

The rial’s plunge had reached about 75 percent in the past few months, but it has recovered some of its value in recent weeks, according to Reuters.

The currency has been volatile for months because of financial difficulties at local banks and heavy demand for dollars among ordinary Iranians to protect their savings as the United States withdrew from a landmark 2015 nuclear accord and piled pressure on Iran by reimposing sanctions.

 

   
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