Tehran, Iran, Oct. 9
Trend
Iranian Central Bank Governor Abdolnaser Hemmati said the country’s monetary authority has an active presence in the foreign exchange market.
“By an authority given to the central bank, this bank is actively present in the foreign exchange market,” Hemmati said, IRNA reported on October 9.
He called on relevant organizations to help maintain solidarity among people at this sensitive juncture.
With the measures taken by the country, the US sanctions against Tehran will not be effective, Hemmati said.
On Saturday, the central bank of Iran was authorized to intervene in the foreign exchange market in defense of the rial.
A top government body, headed by Iran's President Hassan Rouhani and the heads of parliament and the judiciary, “gave the central bank governor the necessary authority to intervene in the foreign exchange market and to manage it”.
“The central bank will intervene in the foreign exchange market through banks and authorized exchange shops and carry out the necessary measures to control the exchange rate of hard currencies,” the body said.
The central bank will “announce the rate of exchange in the foreign exchange market at an appropriate time,” the body added.
The official exchange rate is 42,000 rials per dollar and is used mostly for imports of state-subsidized basic goods such as food and medicine.