Iran can fully meet foreign currency needs: Official

Tasnim – A member of the Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) said domestic demands for foreign currency by the end of the current year (March 21, 2018 – March 20, 2019) amount to $70 billion, which can be fully met.

Speaking to the Islamic Republic of Iran Broadcasting (IRIB), Yahya Ale-Ishaq said tranquility has returned to the country’s markets by the Iranian administration’s move to provide basic commodities.

He further pointed to domestic demands for foreign currencies and said by the end of the current Iranian year, only $70 billion would be needed, while potentially, the country will have a total of $200 billion in foreign currencies by that time.

Ale-Ishaq said that according to international organizations, including the World Bank, Iran has $110-120 billion of assets outside the country.

The official also referred to ways to obtain foreign currencies and said in the sanctions era, $50 billion of the needed currency can be earned through oil exports.

Foreign currency values began to rise in Iran after the US withdrew from the Iran nuclear deal in May and announced plans for a fresh wave of sanctions against the Islamic Republic.

There has been growing demand for dollars among ordinary Iranians, who fear more plunge in the value of their assets and growing price of goods, even those not imported from abroad.

The purchasing power of Iranians has plummeted for the umpteenth time in recent months as wage increases have lagged far behind prices.

In comments this month, Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei reiterated the need for Europe to guarantee Iran’s economic benefits under the Joint Comprehensive Plan of Action (JCPOA), but underscored that the country’s economy should not hinge on the fate of the nuclear deal.

In a meeting with President Hassan Rouhani and his cabinet members, the Leader called for a “roadmap to a stable economy” in order to resolve the economic woes.

Ayatollah Khamenei also called on the administration to bolster the private sector and take strong punitive action against wrongdoers, saying offenders in any position must be brought to justice.