Top banker upbeat on durable stability in Iran’s currency market

Tasnim – The Central Bank of Iran would maintain control over the country’s currency market despite the hostile attempts by the US and its allies, the bank’s governor said.

In a meeting with a group of Iranian economists, Abdonnaser Hemmati explicated the Central Bank’s plans to neutralize the economic pressures and psychological war waged by the US and its allies with the aim of destabilizing Iran’s currency market.

Highlighting the Central Bank’s full control over the market, Hemmati said it is steadily supplying the real demands of Iranian people and economic activists.

He said a series of measures taken for a reform of the monetary policies in Iran heralds durable stability in the country’s money and currency market.

Last week, Hemmati said the Central Bank had come up with a proposal to slash four zeros from the Iranian currency to “facilitate” the banking processes and lower certain costs.

In August 2018, Hemmati unveiled a new package of regulations on foreign currency trade which lifted a ban on the activity of money exchange markets.

Iran’s market experienced a sharp rise in the value of foreign currencies and gold coin prices in summer 2018. The Iranian money plunged to a record low against the US dollar in August.

But the Iranian currency, rial, began to bounce back against US dollar later in the year.