Central Bank of Iran vows to establish market stability

TEHRAN, Iran, May 18

Trend:

The Central Bank of Iran (CBI) is making serious efforts to establish necessary stability in the market, said CBI Governor Abdolnasser Hemmati, Trend reports via IRNA.

"The condition of markets in the country's economy is not as bad as it was back in August of 2018, we're better prepared now," he said via Instagram.

"The foreign currency, gold markets started to get affected by the US sanctions at that time in 2018, and the USD price has increased, but thanks to proper management the rates were reduced and there was relative stability in the market. Also, the economic growth from the non-oil products in 2019 was positive," Hemmati said.

The CBI has implemented strict regulations over the return of foreign currency revenues, while the foreign currency price on Iran's local market, as well as the gold market, have been on the sharp rise in recent days.

"Expectations over the inflation have increased in recent days, due to continuous pressure, the COVID-19 spread, and also due to closure of businesses, drop of oil prices, and the new US threats," Hemmati said.

"The Central Bank of Iran will release its predictions over the inflation in the current Iranian year (began March 20,2020) in the coming days," he said.