Dollar gain to rials does not mean devaluation of national currency

EghtesadOnline: Deputy Minister of Economy and Finance for Banking, Insurance and State Companies Affairs Hossein Ghazavi said on Saturday that dollar gain to the rials does not mean devaluation of national currency.

News ID: ۷۷۲۶۱۱

25 December 2016

Ghazavi said that dollar appreciated over the past weeks due to increase in its parity rate against all currencies, IRNA reported.

'Devaluation of rial parity against dollar is also the impact of global growth in demand for dollar but does not mean devaluation of national currency.'

Over the past several weeks, dollar rate registered fluctuation with gain to the rials, Iranian national currency.

Currently, Central Bank of Iran (CBI) should maintain stability in the market and prevent fluctuation of the forex market and that intervention is not necessary to meet a specific parity rate, commented the official.

Qazavi, who was addressing the nationwide seminar of Tejarat Bank directors, also commented on drafting a joint bill by Ministry of Economy and Finance and the CBI on banks, saying that in case of approval of the bill, major changes will take place in method of calculating profit of the overdue facilities of banks.