Iran's Central Bank holds foreign exchange market under control

Finance Materials 7 January 2019 14:32 (UTC +04:00)

Tehran, Iran, Jan.7


The governor of the Central Bank of Iran said that the bank is dominant in the foreign exchange market, and expressed hope that the stabilized exchange rate will hold on further.

"The Central Bank considers the factors in the market, and dealing with foreign exchange shouldn't be guided by short-term emotions," Abdel Nasser Hemmati said at at meeting with Iranian MPs, Trend reports via IRNA.

He went on to say that reformation of Iran's banking system is one of the most important and sensitive steps undertaken by the Central Bank.

He further said that preserving people's deposits and keeping stability of the money market are CBI's main concerns.

Further, Hemmati commented on the proposal to remove four zeros off Iran's national currency.

"Given the 4.5 percent decline in producer price index in December, as compared to November, as well as stability created in the foreign exchange market, we expect to witness more control over inflation,” the official said.