CBI governor vows improving foreign currency market conditions

FNA – Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati said despite the US maximum pressures, the country expects improving conditions for its foreign currency market due to growing crude exports and return of exporters’ foreign currency.

“The US has exhausted all its bid and the maximum level of impact that its pressure and psychological warfare policy could produce is witnessed these days,” Hemmati said on Sunday.

He underlined that despite the US attempts, Iran will improve its foreign currency market conditions, explaining that the country’s consultations with a number of countries are yielding results, exports of oil and its products are increasing and the trend of foreign currency return by exporters has been accelerated.

“And all these will leave positive impact on the foreign currency market,” Hemmati ensured.

Hemmati had also in August said that CBI’s efforts had prevented the US attempts and pressures to affect Iran’s foreign currency market.

“The relentless efforts by the US and its agents to destabilize money and foreign exchange markets in Iran is not something new. These efforts have aimed at sawing negative expectations and bringing the Iranian economy to its knees. Despite all pressures and pain imposed on us, they have certainly failed to achieve their goals. Measures taken by the Central Banks have contained attempts to distort expectations and induce hyper inflation,” Hemmati said.

He added that the temporary surge in the inflation rate, in the first months of this year, mainly due to the pandemic and adverse expectations, is being contained, noting, “The central banks is committed to achieve its announced inflation target and is utilizing all tools to do so.”

“The Central Bank has devised its plans based on continuation of illegal and unilateral US sanctions. Last minutes desperate attempts to strengthen sanctions will not deter our plans for maintaining market stability,” Hemmati said.

“The Central Bank has put all its efforts to maintain market stability and mitigate speculative fluctuations, to help sustain economic prosperity and growth. We continue monitoring macroeconomic variables and take appropriate action when deemed necessary,” he added.