News ID: 257958
Published: 0238 GMT August 28, 2019

CBI: Iran’s cash, forex reserves favorable

CBI: Iran’s cash, forex reserves favorable

The amount of the country’s cash and foreign currency reserves is currently good, said the governor of the Central Bank of Iran (CBI).

In an address to reporters on Wednesday, Abdolnasser Hemmati added stability has been restored to the domestic foreign currency market, describing as favorable the country’s present condition in terms of forex reserves, IRNA reported.

He noted that the current amount of Iran’s accumulated cash reserves is unprecedented in the past six years.

The CBI head said, “We use the country’s foreign currency reserves with great caution. Staples and essential goods have been imported. The raw materials needed by Iranian factories are also being purchased through revenues injected into the Forex Management Integrated System, locally known as NIMA.”

The situation of the domestic economy is expected to improve so that the ground would be prepared for the country’s accelerated development and growth, he added.

Hemmati stressed that business activities aimed at boosting domestic production are required to be further stimulated, noting that the shock received by the country’s production sector in the year to March 2019 led to the domestic economy’s negative growth in the same year.

He said to bring prosperity to domestic economy and accelerate its growth, greater attention should be paid to production activities, adding to this end, the CBI has placed on its agenda financing the production sector’s projects.

Hemmati assured that Iran’s economic atmosphere is improving as demonstrated by the domestic economy’s greater tranquility and stability, the rise in exports, the country’s positive trade balance and allocation of sufficient fund for the activities and projects aimed at boosting production.  

He said according to the figures pertaining to the period from July 23 to August 22, 2019, the country’s monthly inflation has fallen to below one percent (0.8 percent), indicating that it is under control.  

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