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Trade in Iran's foreign currency market put on hold

Business Materials 9 November 2020 10:23 (UTC +04:00)
Trade in Iran's foreign currency market put on hold

TEHRAN, Iran, Nov.9

Trend:

There are currently no demands for purchase of USD at Iran's foreign currency market due to decline of high rate, it is expected that rate would continue to reduce, said university professor, expert Morteza Ezzati, Trend reports via ILNA.

"The increase of foreign currency rates, including the USD was due to certain political elements, and if the economic factors were involved, the foreign currency rate would have not increased so much, " said Ezzati.

"Although the Central Bank of Iran has stated that the government policies were important in the decline of the dollar rate, yet the effort of the judiciary to confront the individuals that abuse the foreign elements and social media propaganda was also effective," he said.

Ezzati said that Joe Biden's victory in US elections led to further decline of USD rate in Iran's foreign currency market.

"Many people in Iran have imagined that Trump re-election would increase pressure against Iran and that victory of Biden would bring the opposite," he said.

"The current rate of USD is 200,000 rials but there are no demands for it even if the rate would drops further to 180,000 rials per dollar, there's no guarantee that the demand will be there," Ezzati said.

"Due to recent events, it is predicted that the USD rate would drop to 150,000 rials," he said.

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