News ID: 236254
Published: 0404 GMT December 22, 2018

CBI reassures control of foreign currency market

CBI reassures control of foreign currency market

The Central Bank of Iran (CBI) has reassured that it is in full control of the foreign currency exchange market, said the bank's governor.

Abdolnaser Hemmati wrote on his Instagram page that relative stability, coupled with reinforcing the national currency, has calmed the market, reported Fars News Agency.

He underlined that foreign exchange reserves are in good shape at the moment, adding that the CBI has utilized its full capacities to enhance economic growth and is making every effort to safeguard the deposits of Iranians in banks.

Fluctuations have faded in Iran's foreign exchange, gold, and coin market in recent weeks, rolling back the prices five months ago.

Experts believe that the CBI decisions have succeeded in reducing monetary demand 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 told 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 step to confront the US economic sanctions against Tehran.

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 focused mainly on stabilizing foreign exchange market over the past few weeks by 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 plans to restore balance to the market and prevent further inflation," he noted.

   
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