CBI against market intervention

Financial Tribune – Central Bank of Iran’s Governor Abdolnasser Hemmati said the regulator’s policy under his watch continues to be non-intervention in the foreign exchange market.

“We have said repeatedly that we do not interfere with the [exchange] rate and the market will stabilize itself,” Hemmati told reporters on Wednesday after the weekly meeting of the Cabinet.

He added that the main weight of the currency market is directed toward the Secondary Forex Market and that currently 95-96% of imports take place in the secondary market, ISNA reported.

Hemmati noted that the sheer size of the secondary market will exert its impact on stabilizing the rates.