28 Mar 2024
Wednesday 11 April 2018 - 12:56
Story Code : 300452

Iran MPs call on Central Bank governor to resign as rial plummets

Al Monitor - As the Iranian rial hit a record low, trading above 60,000 against the US dollar on April 9, criticism against President Hassan Rouhani and Central Bank Gov. Valiollah Seif has intensified.


The rial has dropped in value over the last few months and reached a nadir in the past two weeks, jumping from50,000against the dollar on March 26 to60,000on April 9.

The unprecedented devaluation led the Iranian government toannounce late April 9that the dual exchange rates will be unified with an official rate of 42,000 rials per dollar; warnings were also issued that trading at any other rate will be tantamount to smuggling and is a punishable offense.Iran has long had a two-tiered exchange rate system with differences between the official rate and the free market rate hovering around 15% in the past decade.

In a session in parliament over the currency devaluation, moderate parliament SpeakerAli Larijani slammed Seiffor mismanagement of the foreign exchange market.

Mentioning the governments decision to unify exchange rates, Larijani addressed Seif April 10: Mr. Seif, there is an objection about your performance [and the question of] why such decisions werent made previously?

Meanwhile, Seif who had attended the April 10 session of parliament faced harsh reactionsfrom a large number of parliament members, who approached him and shouted Resign while he was giving a speech to explain the causes of the devaluation.

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