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Iran Central Bank plans new foreign currency policies

Business Materials 9 November 2018 11:03

Tehran, Iran, Nov.9

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The Iran Central Bank (CBI) seems to be prepared to deal with economic sanctions by changing currency and central bank governors, the member of Iran`s parliament Ali Ghorbani said as the news agency of the Iranian Parliament (ICANA) reported.

"The government chose wrong currency policies and created a bad situation for the country's economy, but appointment of new governor of CBI has led to new policies regarding foreign exchange currency,” he said.

Ghorbani went on to add that the country's oil revenues in the first 7 months of the year increased significantly, compared to the same period last year.

"Given this, we are not facing a budget deficit by the end of the year," he said.

Referring to the replacement of financial system for SWIFT, the MP says since the US allies are cooperating with Mr.Trump in terms of sanctions, in order to circumvent the sanctions, Iran seeks an alternative for SWIFT.

"In the meantime, we are seeking to design a new financial mechanism with the European countries, which will replace the US dollar to euro in foreign trade,” he said. “With the establishment of this mechanism, many of Iran's banking problems will be resolved.”

Iran said on Monday it has taken necessary banking measures to continue trade with its partners after the United States reimposed sanctions on Tehran’s energy and financial sectors, Iranian state TV quoted the head of the country’s Central Bank Abdolnassr Hemmati as saying.

“We have been in talks with our trade partners and all the necessary actions have been taken for Iran’s interactions to continue,” Hemmati said.

The Belgium-based SWIFT financial messaging service said on Monday it is suspending some unspecified Iranian banks’ access to its messaging system in the interest of the stability and integrity of the global financial system

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