Tehran, Iran, July 26
Trend:
The relative stability of the Iranian market reveals the beginning of the failure of the country enemies' attempts, head of the Central Bank of Iran (CBI) in a memo on his Instagram wrote.
"One year has passed since I started my activity at the central bank. Those bitter days were hard times for the entire economic sector,” Abdul Naser Hemmati said in a memo published in his Instagram account, Trend reports.
He pointed out that the relative stability is observed in the market and this shows the beginning of the failure of the efforts of Iranian enemies of Iran. However, in his words, the great shock in the markets and the resulting inflation had seriously affected lives of a large part of the population.
“Maintaining and strengthening the value of the national currency, curbing inflation, helping to boost production and economic growth, and reforming the banking system are among CBI's next steps,” he said.
According to Bloomberg, rial is soaring on the country’s parallel market, having gained 8 percent against the dollar this week alone.
The Central Bank of Iran maintains an official exchange rate of 42,000 rials per dollar. Recently,. the bank attempted to get more exporters to use a trading platform known as NIMA, a system intended for the sale of a certain percentage of the foreign currency gained from export. This measure helped to ease the pressure on the rial in the unregulated parallel market, where one dollar is worth about 120,000 -123,000 rials.