Forex reserves in stable conditions, CBI governor says

IRNA – Governor of Central Bank of Iran Abdul Nasser Hemmati stated that Iran is in a good place with regard to forex reserves.

Speaking on the sidelines of government weekly session, Hemmati went on to say that the same trend of inflation reduction that Iran has had over past months will also continue in the future and “we will do better with the help of people and the efforts of our colleagues in many sectors of the economy”.

On the gasoline rationing’s impact on the inflation rate, Hemmati told reporters that the latest estimates suggest that the direct impact of this plan on inflation is about 2.5 percent and its indirect impact on inflation is about 4 percent in the next year.

He said that the foreign exchange market is fully controlled, and noted that Gas rationing has no influence on the exchange rate and “we have complete control over this market”. Again, “we want people not to invest their money in the foreign exchange market because its risk is high”.

Price stability is dominating the currency market and consequently other prices have been stabilized as well, “we hope to witness the same inflation reduction trend” that has started in the coming months, Hemmati said.