Iran Central Bank: New foreign currency policy to lead way for 5B euros into market

Finance Materials 23 November 2018 13:30 (UTC +04:00)

Tehran, Iran, Nov. 23


The Governor of Central Bank of Iran (CBI) has predicted a new foreign currency policy that would lead the way for entrance of 5 billion euros to the market by the end of Iranian calendar year (March 20, 2019).

"We have proposed a decision that would bring foreign currency into the country; we have estimated that by the end of the year, 5 billion euros will enter the market that would have positive effects on the market," Abdolnaser Hemati said in an interview with the state TV channel.

"Meanwhile, exporters and producers can also help by entering their foreign currency to the Integrated System for Hard Currency Transactions (NIMA) and country's economic cycle," he added.

The devaluation of Iran's national currency has provoked a public outcry to purchase foreign currency and gold over the summer. Hemati noted gold and foreign currencies are not a tool for investment.

"We are concerned that people's assets would be hurt. CBI is entering the market to reduce intermediaries and brokers, and therefore we believe the currency market should be organized. So, we will offer exporters an option to supply their foreign currencies to the exchange offices and transact instantly," he said.