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Central Bank of Iran expected to curb rising foreign currency rates

Finance Materials 22 July 2020 14:32
Central Bank of Iran expected to curb rising foreign currency rates

TEHRAN, Iran, July 22

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The Central Bank of Iran is expected to stabilize the increasing foreign currency rates, said Iranian President Hassan Rouhani, Trend reports via IRNA.

Rouhani said the people would see a balanced foreign currency rate, as the CBI is trying to stabilize it.

Rouhani even suggested that Iran's foreign currency reserves in other countries would be used by the CBI to stabilize the local foreign currency rate. The president said that Iran has already talked about this measure with three countries, without naming them.

"The return of export foreign currency revenue should also be monitored," he said.

"The Central Bank of Iran should monitor if the assigned official foreign currency to importers is being used to purchase goods and when the commodity arrives to the customs. The foreign currency rate would become stable if the executive organizations would implement precise supervision over export and import," he said.

"The double or triple increase of commodity prices is not acceptable, whether they are being offered at the stock exchange or at the market. All prices should be controlled," he said.

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