The stability of the US dollar�s exchange rate against the rial is due to the growth of non-oil exports, which have provided an alternative source of foreign exchange for Iran�s economy, says chief executive of the Export Guarantee Fund of Iran.

Iran�s foreign exchange revenues are heavily dependent on crude oil exports, which are picking up after the lifting of nuclear sanctions. However, the plummeting oil price has created a deficit that is forcing the government to curb spending. �In view of dipping oil prices, if we didn�t have considerable non-oil exports, currencies would appreciate [against the rial],� Seyed Kamel Seyedali told IRNA. The greenback changed hands at 35,010 rials in Tehran on Saturday, down 6% from earlier in the month.

By Financial Tribune