Iranian Central Bank provides stability of economic activities
Tehran, Iran, Feb.11
The Central Bank of Iran (CBI) is working to handle the currency instability in the country, as well as provide way for economic activity of the people, said the message of the bank's governor published on Istagram, Trend reports.
"We are facing another test to maintain the ideals of the revolution (Islamic Revolution). The economic war today requires effort," Hemmati's message said.
On November 5, The US unleashed its "toughest ever" sanctions against Iran. The Trump administration reinstated all sanctions removed under the 2015 nuclear deal, targeting both Iran and states that trade with it.
Speaking of INSTEX, Hemmati said the CBI is applying certain efforts to make it roll.
INSTEX (Instrument in Support of Trade Exchanges) is a mechanism, created by the EU to facilitate non-dollar trade with Iran, allowing European companies to trade with the Islamic Republic without being hit by the sanctions.
Hemmati said the CBI is working to create financial channels with countries, makes import arrangements, and tries to provide financial services and basic commodities for manufacturing units.