Iranian Govt. Branches Give CBI New Authorities to Manage Forex Market

The heads of the three branches of the Iranian government have approved a resolution based on which the Central Bank of Iran (CBI) is given complete authority to take the necessary measures for managing the foreign currency exchange market, Tasnim News Agency reported. Following the recent fluctuations in the forex market, the CBI sent a proposal package to the government, requesting new authorities to be able to manage the market. The package was assessed and approved in a meeting attended by President Ebrahim Raisi and the heads of the government’s two other branches on Sunday evening.

In this regard, Iranian Finance and Economic Affairs Minister Ehsan Khandouzi told the press on Monday that based on the mentioned resolution, all the country’s industries and exporting complexes, even the government-owned ones, including the oil and gas industry, are obliged to follow the CBI’s new policies for managing forex market. “The central bank needed new authorities to be able to intervene effectively [in the forex market], and [to this end] this package was approved by the government at the meeting of the heads of the three branches,” Khandouzi said. - Tehran Times