Financial Tribune – Governor of the Central Bank of Iran says the bank has put an end to the unreasonable practice of injecting foreign currency into the market to control forex rates.
“Pumping forex into the market was the only tool for controlling foreign exchange rates in the past decades. But now we have taken a more thoughtful approach towards the market,” Abdolnasser Hemmati told parliament on Tuesday.
He did not say if and to what extent the new approach had been successful.
“The CBI injected nearly $280 billion into the currency market in the past 15 years to control exchange rates and, by extension, the rate of inflation,” he said.