CBI Unperturbed by Latest US Animosity

EghtesadOnline: The United States' unilateral and illegal sanctions have no significant impact on Iran’s market, governor of the Central Bank of Iran said Tuesday.

News ID: ۷۴۷۰۲۱

10 April 2019

In an Instagram post, Abdolnasser Hemmati wrote that the unwise move by the US on Monday against the  Islamic Revolution Guards Corps is yet another indication of its failed policies targeting Iran's financial economy and markets.

The US re-sanctioned Tehran after unilaterally withdrawing last May from the 2015 historic nuclear deal Iran signed with the six world powers.

The first round of sanctions came into effect last August before tougher restrictions on the oil and banking sectors were announced last November, according to Financial Tribune.

In a statement posted on the White House website on Monday, embattled President Donald Trump announced his administration’s plan to designate the IRGC, including its Quds Force, which is in charge of overseas operations, as a “foreign terrorist organization.”

The designation is the first time the US has ever named a part of another government as FTO.

Currency rates and gold prices continued their steady rise in Tehran amid a bull run in the stock market on Tuesday. On Monday the USD climbed above the resistance level of 140,000 rials for the first time in the current calendar year that began on March 21.

Hemmati said despite the latest developments, the Central Bank has a strong presence in the foreign exchange market to control currency rates and cautioned the people against buying foreign currency.

"The CBI's honest endeavor is to reduce the negative impact of unilateral US sanctions on the economy by implementing the tenets of the Resistance Economy," Hemmati wrote.

Resistance Economy is a set of guidelines announced by the Leader to lessen the impact of US-led sanctions and stimulate economic growth mainly by boosting domestic production and curbing dependence on oil revenues.

The CBI and the government provides access to foreign exchange as planned, the CBI boss wrote, adding that the US hostility and economic restrictions have no substantial effect on the financial markets.