CBI Governor: Iran’s Foreign Currency Market Moving towards Stability

Governor of the Central Bank of Iran Abdolnasser Hemmati underlined government’s plans to control the foreign currency market, declaring gradual stability.

“The US cruel sanctions have left impact on foreign trade and channels to bring foreign currency to the country but the government will manage the situation through the plans already underway,” Hemmati said on Sunday.

“We are gradually moving towards stability in exchange rate in this market,” he added.

The Iranian rial has risen more than seven percent against the US dollar in the last week.

The rial closed at 268,000 against the dollar on Saturday, according to exchange price websites and reports from the unofficial currency market in downtown Tehran.

A senior member of the Iranian parliament said on Saturday that the dollar would continue to sink against the rial in the upcoming days.

Hosseinali Hajideligani said that many households had bought the dollar and other currencies over the past few weeks at illogically higher prices only to protect their savings.

“Many profiteers encouraged the people to buy foreign currencies at fake prices,” Hajideligani said.