News ID: 261285
Published: 0321 GMT November 08, 2019

CBI governor underlines stability in forex market

CBI governor underlines stability in forex market

Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati announced that despite US sanctions and pressures, the Forex market continues on a stable path.

Thanks to Iran’s potentials, facilities and foreign exchange reserves, relative stability will continue on the Forex market, Hemmati wrote on his Instagram page, Fars News Agency reported.

He said due to the CBI's currency policies, the role of non-oil exporters and the CBI's management for controlling the Forex market, Iran imports will be facilitated and the Forex rate will become more logical.

"I have repeatedly emphasized that in the sanctions era, some political factors also have minor impacts on currency fluctuations, and the seemingly positive and negative news can only partly affect the currency market," Hemmati noted

However, he pointed out that his remarks about the national currency recovery, do not deny the impact of sanctions on the value of the Iranian rial, the level of prices and the economically vulnerable.

Hemmati also in an Instagram post on Monday recounted that the value of Iran’s national currency had improved by 21 percent, adding that Tehran had succeeded in beating US sanctions.

Marking the first anniversary of the start of Washington’s campaign to cut Iran’s oil exports to zero, Hemmati said stability is returning to the country's economy despite America’s banking sanctions, economic war, and restrictions on Iran's foreign oil sales in the past year.

Hemmati also cautioned that it was very difficult to predict developments in coming years.

The top banker of the country added that the United States failed to reach its ultimate goal, which was bringing Iran to its knees.

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