USD rate to drop in Iran markets: official

Finance Materials 4 March 2019 13:44 (UTC +04:00)

Tehran, Iran, March 4


Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati has announced the USD rate will drop in the foreign exchange market.

Referring to the recent rise in the foreign currency rate, the official said, "The USD rate will fall to 110,000 rials (per one dollar). The euro rate at NIMA is 100,128 rials but in free market the rate is 150,000 rials. These prices are not efficient for the importers and will not last," Trend reports citing ISNA.

"Considering the last days of the current Iranian year (started March 21, 2018) and the rise in demand, alongside the negative news such as Financial Action Task Force (FATF) disputes have created a psychological atmosphere, there is a rise in the foreign exchange rate."

"Some of the MPs and officials are discussing issues creating a negative atmosphere that eventually leads to instability," he added.

He noted: "Iran's non-oil exports are worth $40 billion, while 30 to 35 percent of foreign currency revenues from the exports have returned to the NIMA system and 65 percent have yet to be returned."