Iranian lawmaker says forex rates should be of descending order

Financial Tribune – Following the recent decline in foreign currency rates, the price of goods which leaped (thanks to earlier exchange rate rises) over the past several months is expected to fall again, says Mohammad-Reza Pour-Ebrahimi, the chairman of Majlis Economic Affairs Commission.

He said the current foreign exchange rate is still far from real and should remain on the descending order, hoping that the downward spiral would continue in the coming months until the market reaches stability.

“It should be said that markets resist such price drops and therefore the Industries, Mining, and Trade Ministry, Consumer and Producer Protection Organization, and other regulatory bodies should step in or the Parliament will intervene”, he said.