News ID: 258758
Published: 0306 GMT September 15, 2019

Top gov’t council extends CBI’s authority to manage foreign currency market

Top gov’t council extends CBI’s authority  to manage foreign currency market

The Supreme Council of Economic Coordination decided to extend the authority of the Central Bank of Iran (CBI) for managing the exchange market for the purpose of stability in the foreign currency market.

The 39th session of the Supreme Council of Economic Coordination presided by Iranian President Hassan Rouhani was held in Tehran on Saturday evening, reported Fars News Agency.

Earlier this month, Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati said that the country’s economy is more stable now compared to last year as inflation rate loses momentum.

On August 31, Hemmati said that the situation of the country’s economy was returning to normal despite being under the most unprecedented sanctions.

Iran’s chief banker said on September 4 that the country would stick to its current plans for currency regulation regardless of a European proposal for setting up a credit facility that could help revive a nuclear deal between Tehran and world powers.

He also said that the CBI would go ahead with its existing plans for supply of foreign currencies to import basic goods and other urgent needs of the country.

The remarks come amid reports suggesting that Iran would be willing to reverse its decisions to scale back commitments under the JCPOA if other parties to the deal make tangible moves that could enable the country to benefit from economic advantages of the agreement.

Faced with US sanctions that have affected its economy, Iran has already taken steps to reduce commitments under the JCPOA.

Iran has declared that all scale-back measures would be reversible once non-US parties to the JCPOA, namely France, Britain, Germany, Russia and China, do enough to offset the impacts of the sanctions.

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