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Central Bank of Iran warns against investing in currency market

Finance Materials 11 December 2019 15:48 (UTC +04:00)
Central Bank of Iran warns against investing in currency market

TEHRAN, Iran, Dec.11

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The fluctuations that have been observed over the past two weeks due to political and social issues will be resolved soon, Governor of Central Bank of Iran (CBI) Abdul Nasser Hemmati said, Trend reports citing IRNA.

“The central bank can set a balance in the currency market whenever it wants, and the currency market is under control,” the CBI governor told reporters on the sidelines of the cabinet meeting.

Hemmati also advised people not to risk their assets by investing in foreign exchange market.

"The central bank has a strong control on the market and has sufficient currency and reserve capacity,” the CBI governor he added.

Hemmati pointed out that the issues in the currency market have nothing to do with inflation. Speaking about the delays in launching the integrated foreign exchange market, the CBI governor said that the test is underway.

“All kinds of currency market tests have been or are being conducted. I will not announce when this market will be launched, but it will definitely happen this Iranian year (end on March 21, 2020).

In January 2018, Iran's Money and Credit Council approved the integrated foreign exchange market trade regulations aimed to improve the transparency of the market. The integrated market, focusing on banknotes, will regulate the retail and wholesale purchases in the form of cash or electronic trade.

Iran’s currency rial lost more value last week against major currencies due to recent unrests in connection with the gasoline price hike.

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