Iran CBI Governor Vows Improving Foreign Currency Market

Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati said that despite the US maximum pressure, the country expects improving conditions for its foreign currency market due to growing crude exports. “The US has exhausted all its attempts, and the maximum level of impact that its pressure and psychological warfare could produce is being witnessed these days,” Hemmati said on Sunday, Fars News Agency reported. He underlined that despite the US attempts, Iran will improve its foreign currency market conditions, explaining that the country’s consultations with a number of countries are yielding results, exports of oil and its products are increasing, and the trend of foreign currency return by exporters has been accelerated. “And all these will leave a positive impact on the foreign currency market,” Hemmati ensured.

“The relentless efforts by the US and its agents to destabilize money and foreign exchange markets in Iran is not something new. These efforts are aimed at sowing negative expectations and bringing the Iranian economy to its knees. Despite all pressures and pain imposed on us, they have certainly failed to achieve their goals. Measures taken by the CBI have contained attempts to distort expectations and induce hyperinflation,” Hemmati said.

He added that the temporary surge in the inflation rate, in the first months of this year, mainly due to the pandemic and adverse expectations, is being contained, noting, “The central bank is committed to achieve its announced inflation target and is utilizing all tools to do so.” “The CBI has devised plans based on the continuation of illegal and unilateral US sanctions. Last minute desperate attempts to strengthen sanctions will not deter our plans for maintaining market stability,” Hemmati said. “The CBI has put all its efforts to maintain market stability and mitigate speculative fluctuations, to help sustain economic prosperity and growth. We continue monitoring macroeconomic variables and take appropriate action when deemed necessary,” he added. - Iran Daily