CBI Governor Blames Sanctions for Devaluation of National Currency

Governor of Iran Central Bank of Iran Abdolnaser Hemmati blamed the sanctions for recent devaluation of the national currency against the foreign currencies in the forex market.
On the sidelines of a ceremony for honoring those exporters who have repatriated their earned forex into the country, Hemmati said that in cooperation with the supervisory organs, US$8 billion out of US$27 billion resulted from the exports which had not been repatriated into the country has returned into the national economic cycle and expressed hope that soon the remaining US$19 billion would return into the country which would help the national currency gains value.

He noted that the CBI has sent the list of exporters, who have not returned their forex into the country, to the Judiciary, expressing hope the Judiciary would help the bank in return of the forex.
On the frozen money of the country in foreign banks, Hemmati said that billions of dollars of the country have been blocked in foreign banks and they are not ready to unblock them due to their fear of the U.S. fines. He added that fortunately some part of them has been blocked and would be injected into the national economic cycle, expressing hope that by injection of the unblocked forex, the power of CBI for interfering in the market for supplying forex would increase.

He reiterated that the CBI accepts any foreign currencies from exporters and they cannot resort to such pretexts that their partners are only ready to pay their money in their national currencies.
Hemmati pointed to the efforts of enemies for closing the national economic gateways and exerting heavy sanctions, adding that fortunately the Islamic Republic of Iran in collaboration with exporters and economic activists has managed the problems and the country is experiencing the last days of pressures.

He noted that oil exports of the country have improved in recent months and he hopes the economic growth would bounce back and become positive.

Hemmati also pointed to the outbreak of Coronavirus and called it a disaster for global economy, adding that Iran also was affected by the virus. He said all programs of the country for getting out of recession or reducing inflation were going ahead well till April but since June, the economic growth has lost its progress.

He added that nobody can benefit from devaluation of national currency and rise in the price of dollar, adding that some people may benefit of it but the society would be the main loser and CBI and the government are not after raising the price of the dollar in order to compensate the budget deficit. - Iran News Daily