Currency Rates Rise in Tehran, CBI Reassures Public

EghtesadOnline: Foreign exchange rates surged in the Tehran market on Saturday, prompting the Central Bank of Iran to release a statement to reassure the public that it has a grip on the market.

News ID: ۷۴۶۴۷۲

13 January 2019

"CBI in collaboration with the heads of the three branches of government has created relative stability in the forex and monetary markets," the CBI statement says.

The USD exchange rate rose above the resistance level of 110,000 rials on the first trading day of the week, reaching 113,000 rials according to sanarate.com, which reports the average exchange rates from across exchange bureaux.

The euro was traded for 129,000 rials, up from 127,424 on Thursday. Gold prices were also up as the benchmark Bahar Azadi coin fetched 38.9 million rials, up from Thursday's 37 million rials, Financial Tribune reported.

The CBI statement referred to recent social media rumors about the perilous state of some banks saying that the rumors were perpetrated by those disappointed with the CBI efforts in stabilizing the markets.

The top bank assured the people that the regulator will safeguard people's rights and not allow any harm to their assets.

The ‘High Coordination Economic Council of the Heads of the Three Branches of Government’ also convened on Saturday and continued their deliberations on banking reforms.

The council, presided by President Hassan Rouhani, obliged the CBI to "guarantee the rights of depositors in credit institutions by utilizing all supervisory tools," the presidential website reported.

It approved a measure last year to reimburse depositors of failed credit institutions, which led to the CBI coughing up 350 trillion rials (approx. $10 billion at the time).