Minister: Iran currency market to restore stability

Iranian Economy and Finance Minister Ali Tayyebnia has predicted stability will be restored to the currency market following days of ups and downs.

Tayyebnia said on Monday that there have been no basic changes in the Iranian foreign exchange market, and the situation would stabilize in the near future.

Forex prices rose up to five percent in recent days in Iran, with the US dollar being traded at around 35,000 rials.

“Changes in the recent days mainly originate from some excitement and psychological factors in the market,” he said, adding, “We expect the trend to end soon and we can witness a positive and stable trend in the market again.”

He further called the changes “transient,” adding that “positive measures have been taken” to boost the country’s market.