No plan for Iran single forex rate now: CBI

The governor of Central Bank of Iran (CBI) has said that there is no plan to unify the country’s multi-tier foreign exchange system, an MP says.

Nasser Ashouri said Valiollah Seif made the remarks in a meeting with the Economic Committee of the parliament (Majlis).

“In this meeting, the CBI governor announced that the single forex rate system would not be implemented for now,” he said.

Seif also said that this plan would be executed after Iran reaches economic stability, according to Ashouri.

Iran’s national currency started depreciating sharply three years ago. The rial is currently traded at two rates with one being decided by CBI and the other one set by money changers.

The rate set by money changers fluctuates even during the day.

On Tuesday, the US dollar traded for IRR 28,258 at official rate and for IRR 33,000 on open market.

Iran’s economy shrank 9 percent in 2012 and 2013.

Iranians hope that the country’s national currency would be strengthened after international sanctions imposed upon Iran have been lifted.

Iran and the P5+1 group of countries – the United States, Russia, China, France, Britain, and Germany – reached a mutual understanding on Tehran’s nuclear program on April 2 in Lausanne, Switzerland.

The two sides are expected to start drafting a final inclusive deal which they seek to sign by the end of June.

Iran’s President Hassan Rouhani said recently that the country’s economic conditions are improving “day by day”.

Rouhani said Iran has already pulled itself out of a multiple year economic stagnation during the last calendar year of 1393 that ended on 21 March 2015.

By Press TV