Central Bank of Iran Focus on Stability of Forex Rates

EghtesadOnline: Governor of the Central Bank of Iran says besides the importance for the national currency to regain more of its value, the CBI remains focused also on the stability of the rial.

News ID: ۷۴۶۶۷۵

12 February 2019

"For the CBI it is important that along with strengthening the rial, stability of the market and preventing volatility is also crucial. However, this does not mean that we prevent declines in exchange rates or let them jump," Abdolnaser Hemmati wrote on Instagram.

Hemmati who was participating in rallies in Tehran to mark the 40th  anniversary of the Islamic Revolution on Monday, said he had faced some marchers keen to know whether or not the CBI is against lower forex rates. He vehemently denied any such intention by the regulator.

Hemmati said in his opinion the existing exchange rate for the US dollar is not real and the CBI has plans to "moderate" the rate. "We will focus our efforts to strengthen the national currency," Financial Tribune quoted him as saying.

The CBI was able to strengthen the rial after November 4 when the US re-sanctioned Iran sending the rial to unprecedented lows in the New Year. On Sunday the US dollar fetched 117,100 rials, slightly down from the past trading day. Markets were closed on Monday due to a public holiday.