News ID: 252862
Published: 0232 GMT May 15, 2019

CBI governor pleased with Iran’s foreign currency reserves

CBI governor pleased with Iran’s foreign currency reserves

Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati underlined that the country has no concerns about its foreign currency reserves despite the US sanctions.

"We are in a good status considering foreign currency reserves and we are in a desirable situation with regard to banknotes," Hemmati told reporters after a cabinet meeting in Tehran on Wednesday, reported Fars News Agency.

He also added that there have been meddling attempts to spark fluctuations in foreign currency prices in Iran after the country declared to be modifying its 2015 nuclear deal undertakings last week, which all failed.

Hemmati had also announced in February that the CBI's reserves had increased compared to the months earlier.

"We are now in circumstances in which we can move towards improvement and can make better and more important decisions to decrease the pressures and increase the people’s welfare," Hemmati said.

He noted that Iran's currency reserves were in the best conditions ever, saying, "They have not been lost but have, rather, increased rapidly."

Also, in December, Hemmati reassured the nation that the country is in full control over the foreign currency exchange market.

In another development on Wednesday, Hemmati told the Austrian Ambassador to Tehran Stephen Scholz that Iran will no longer accept the Europeans’ excuses for not putting into practice the Iran-Europe financial mechanism, known as INSTEX.

Hailing the Austrian government's cooperation on expansion of mutual banking ties, Hemmati called for further banking and trade ties.

The Austrian ambassador, for his part, underlined his government’s support for INSTEX.

He also asked the central bank governor to make affiliated order for lubricating forex issues between Lufthansa Airline, the largest airline in Europe, and Austrian Airlines with Iran.

In an Instagram post in Persian on Monday, Hemmati lashed out at European supporters of INSTEX for repeating hollow words and no action, casting doubt on their sincerity to implement the mechanism.

Hemmati criticized European countries for repeating “threadbare” remarks over their promised trade mechanism for Iran (INSTEX) and their failure to make it operational.

The CBI chief referred to the history of the establishment of the Instrument in Support of Trade Exchanges (INSTEX) by European countries, noting that it has been some two months since Iran created the Special Trade and Finance Institute (STFI) which is a mirror company to INSTEX.

The easiest way to operationalize INSTEX and STFI is that European countries start oil imports or grant a letter of credit to European exporters to Iran, he highlighted.

 

   
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