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Minister criticizes Iranian media for reporting on economy

Business Materials 8 August 2012 15:44 (UTC +04:00)

Azerbaijan, Baku, Aug. 8 / Trend M. Moezzi /

Mehdi Ghazanfari, Iran's Minister of Industry, Mines and Trade, criticized the country's media for its reporting on economic issues.

The minister made the comments on Reporters' Day as he attended "iftar" (when Muslims break their fast during the holy month of Ramadan), the Iranian Students' News Agency (ISNA) reports.

Given Iran's "sensitive and special" situation, reporters are expected to consider "all facets" before publishing economic news, especially about foreign currency rates, Ghazanfari said who called the news reports on Iran's currency exchange rate "speculative".

Reporting that one official says the country will have a three-tiered exchange rate while another says a currency stock exchange is being created makes economic actors uncertain about the future and shocks the currency market, causing its fluctuations.

According to the minister, current conditions are such that "the enemy" makes instant decisions to defeat actions Iran wants to take. In a "resistance economy" the public's psychological state is much more important than the shortage or absence of goods.

Iran's economy is under increasing pressure from the international sanctions levied against its oil industry and Central Bank because of the country's nuclear development programme. The sanctions make it nearly impossible for Iran to conduct financial transactions and move money around the globe.

Since January, the Central Bank of Iran has set the dollar's value at 12,260 rials. The recent announcement by the Central Bank of Iran Chairman Mahmoud Bahmani that he will be increasing the government's official exchange rate for the dollar in the coming days has sent the currency's value rocketing.

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