Head of the Majlis Economic Commission has called on the Central Bank of Iran to end the “traditional ways to control the currency market” and adopt a leading role in the market.
"The government must lead the market rather than being led by the [forex] rates. To do so [CBI] policymakers need to revise the traditional approach in intervening in the market," Mohammad Reza Pourebrahimi told reporters on Monday, way2pay website reported.
"We have to admit that the declining value of the national currency is largely because of structural problems in the economy," Pourebrahimi said. "It is necessary to remove the main distracting factors if we want to strengthen the rial."
Forex rates dropped in Tehran’s unofficial market after months of record highs. The US dollar traded at 494,500 rials on Monday in the open market, down 2.27% on Sunday's close.