News ID: 237809
Published: 0401 GMT January 23, 2019

CBI sees stable rial despite pressure from US

CBI sees stable rial despite pressure from US

Iran has adequate currency supplies to cover trade, and the rial has stabilized after 'a heavy attack' from the US-led economic sanctions on the Islamic Republic, said the governor of Central Bank of Iran (CBI).

Abdolnaser Hemmati told Iranian state television that the Iranians need to adjust their spending habits and take seriously the sustained efforts by the US to destabilize the economy, reported Bloomberg.

For the past month, the dollar has been trading between 110,000 and 120,000 rials on the open, unregulated market, showing the currency has regained some value after hitting 170,000 rials in September.

Hemmati said inflation is now under total control despite the pressure created from US President Donald Trump's decision last year to withdraw from the 2015 nuclear deal and reimpose sanctions on Iran.

Last week, Hemmati explicated the Central Bank's plans to neutralize the economic pressures and psychological war waged by the US and its allies with the aim of destabilizing Iran's currency market.

In August 2018, Hemmati unveiled a new package of regulations on foreign currency trade which lifted a ban on the activity of money exchange markets.

Iran's market experienced a sharp rise in the value of foreign currencies and gold coin prices in summer 2018. The Iranian currency plunged to a record low against the US dollar in August.

However, the Iranian currency, rial, began to bounce back against US dollar later in the year.

   
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