New Bid to Prop Up Rial

EghtesadOnline: Heads of the three branches of government (executive, legislature and judiciary) have stressed the need and significance of working in concord to help restore calm to the currency market struggling with skyrocketing rates unseen in the country’s history.

News ID: ۷۵۲۳۰۸

28 February 2023

The ‘Council for Coordination of the Three Branches of Power’ has decided to delegate more authority to the Central Bank of Iran to enable it prop up the rial and stabilize the chaotic forex market, IBENA reported.

Heads of the three branches of power (executive, legislature and judiciary) stressed the need and significance of working in concord to help restore calm to the currency market struggling with skyrocketing rates unseen in the history of the country.

No details were available about the council's approvals or what can the CBI do to bring down the high and rising forex and gold prices.

Speaking on the sidelines of the council’s meeting, Economy Minister Ehsan Khandouzi said the CBI already has enough power over the work of exchange shops and banks. "The CBI wants extra clout to effectively intervene in the market," Khandouzi said, the news agency reported Sunday.