News ID: 257383
Published: 0306 GMT August 16, 2019

CBI head: Forex market moving toward stability, predictability

CBI head: Forex market moving toward stability, predictability

Domestic Economy Desk

Iran’s foreign currency market is gradually moving toward achieving stability and being predictable after undergoing a tough period mainly due to foreign pressures and US unilateral sanctions on the country as well as negative expectations created by these two factors, said the head of the Central Bank of Iran (CBI).

Abdolnaser Hemmati posted on his Twitter account on Friday that during the past 12 months, the CBI efforts have been mainly focused on managing and organizing this market, IRNA reported.

He noted that claims such as the Iranian government providing financial assistance to ensure stability in the domestic foreign currency market or fluctuations caused in the foreign currency rates are aimed at helping the country’s banks are statistically baseless. He added that to make such claims is a great injustice to the CBI.

His Twitter post also read: “Experts know that controlling fluctuations in foreign currency rates is a complicated process that the CBI goes through using the tools at its disposal.”

Hemmati stressed that, “I am still committed to the pledge I made and the plan I adopted 12 months ago to protect the CBI reserves.”

He urged domestic banks to follow the CBI’s instructions and abide by its serious and firm decisions and directives, within the framework of CBI’s plans to reform the country’s banking system.



Resource: IRNA
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