CBI head: Falling forex prices could affect economy negatively

Business Materials 24 September 2013 18:51 (UTC +04:00)

Azerbaijan, Baku, Sep. 24/ Trend, R. Zamanov

The head of Central Bank of Iran Valiollah Seyf said that if the falling trend of forex prices continues on the free market, the economy would face negative impacts.

"The optimistic atmosphere of the society has caused the decrease in prices and has no economic justification," the IRNA News Agency quoted Seyf as saying.

After a long time, the US dollar price fell below 30,000 rials last week. The USD was sold at the price of 29,400 rials on the free market on Monday.

Iran's national currency, the rial, lost about 50 percent of its foreign exchange value in less than a week in October 2012, standing at 35,500 versus the dollar. It was close to 10,000 in early 2011.

The government has set a 28,500 rial price for the free market but the brokers refuse to trade dollar at the mentioned price.