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Iran foreign exchange reserves sufficient to maintain currency market stability

Finance Materials 24 April 2019 18:58

Tehran, Iran, April 24

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The Head of the Central Bank of Iran Abdul-Nasser Hemmati said that the Central Bank's reserves are sufficient in order to maintain the stability of the foreign exchange market.

“The Central Bank has succeeded in controlling liquidity by intensifying supervision over the overdrafts of banks,” the Governor of CBI Abdul-Nasser Hemmati said, Trend reports citing IRNA.

“Direct exchange between importers and exporters in the past month allowed for increasing the volume of exchanges in the NIMA system,” he said referring to lack of involvement of the Central Bank in determining the exchange rate in the system.

NIMA (Integrated Forex Rate System) is a system developed by the CBI to be used as a venue for as a place where companies sell their export earnings at rates lower than the open market.

Publishing a message on his Instagram page, Hemmati wrote that the problem of fluctuating the foreign exchange market was resolved with the management of the Central Bank.

“Any reduction in oil exports and the state's revenue should be immediately recovered through saving and reducing costs or compensating them through other incomes,” he said in the statement.

The Trump Administration ended a key waiver on Iran oil sanctions as part of an effort to apply maximum pressure on Iran’s economy and its regime.

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