CBI governor: Dollar rate to drop with release of blocked assets

Tehran, Nov 25, IRNA – Governor of the Central Bank of Iran Valiollah Seif said the US dollar rate in the next year budget bill has been projected at 28500 rials but the figure is not final.
He told reporters that the government is determined to set a single rate for hard currency next year, adding that its implementation depends on international conditions.

Asked by IRNA on the condition of hard currency and gold market after the Geneva talks, the CBI governor said the condition is normal and there is no room for a shock to the market.

Commenting on the effects of releasing $700 million on monthly basis in accordance with the Geneva talks, he said this will bring a balance to the hard currency market.

He said release of the assets will help address demands of the country while it will play an effective role in balancing the forex market.

Elsewhere in his remarks he said the banking system is supporting investors and if they select a province for production and consider it appropriate for the purpose the banking system will support it; therefore it is better the development be in proportion to possibilities of each province.

As for the CBI attitude towards banks breaching the regulations, Seif said one of the reasons for market disturbance is unauthorized institutions which due to high interest rates attract people’s money.

However, he added, people are recommended not to be affected by these rates and noted that violator institutions will be confronted.



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