Iran to use forex reserves held abroad to balance market: President

Tasnim – Iranian President Hassan Rouhani unveiled plans to use the foreign currency reserve assets held in other countries in order to control the currency prices at home.

Speaking at a cabinet session on Wednesday, Rouhani said his administration has devised plans to regulate the market situation and contain the price hikes that have put pressure on people.

The Central Bank of Iran is trying to push the currency prices to a balanced rate, he noted, urging domestic exporters to abide by the regulations and repatriate the money earned by exports.

“We are trying to use the currency we hold in other countries as reserves, as good measures have been taken in recent days with at least three countries,” the president said.

Pointing to the fluctuations in the currency market over the past days, Rouhani assured people that the foreign currency rates will regain balance in the coming days.

The president also touched on Iraqi Prime Minister Mustafa al-Kadhimi’s visit to Iran, saying Tehran and Baghdad have reached good agreements on customs affairs, exchange of commodities, and economic and banking cooperation.

“We have also had good political ties with Russia and China since years ago, which have improved in recent weeks,” Rouhani said, adding that he has delivered a message via Foreign Minister Mohammad Javad Zarif for Russian President Vladimir Putin about closer regional relations.

“We hope to continue cooperation with the neighbors and friends, including Russia, Iraq, Pakistan, Qatar and Afghanistan,” the president added.

In a joint press conference with Rouhani on Tuesday, Iraq’s visiting prime minister said his country is standing by Iran to help it overcome the economic challenges.