Tehran, Iran, Feb.12
Trend:
The governor of Iran's Central Bank Abdol Nasser Hemmati has announced that there are plans to reduce the US dollar rate towards the national currency - rial.
"Some people thought the CBI isn't interested in US dollar dropping down, but that isn't true," Hemmati said in a statement on his Instagram, referring to the people's reaction to the CBI`s recent policies, Trend reports citing IRNA.
“In addition to boosting the value of the national currency, it is also important for the central bank to stabilize the market and prevent fluctuations, but this does not mean that we should be prevented from lowering the rate or seeking to increase it,” said Hemmati.
“Iranians emphasized that more effort should be made to reduce the US dollar rate,” he said. “I said that I also believe that the current rate is by no means a real price for the US dollar and that we will work hard to increase the value of the national currency.”
Iran's economy has struggled since U.S. President Donald Trump pulled out of the 2015 nuclear accord in May and re-imposed sanctions, including restrictions on oil exports and banking.
The Iranian rial lost more than 50 percent of its value this Iranian year (Started on March 21, 2018) while food prices increased by about 70 percent compared to those in the previous year, according to CBI data.
Iran's Central Bank (CBI) unveiled new policies to protect value of rial against foreign currency. The policies include the lift of ban on currency trade and the activity of official money exchange markets and urging exporters to return their export earnings to "the country's economic cycle''.