Iran Central Bank does not intend to put a brake on falling currency price
Baku, Azerbaijan, Apr.4
By Fatih Karimov - Trend: The Central Bank of Iran does not intend to prevent from the falling trend of foreign currency prices.
Valiollah Seif, the governor of the Central Bank of Iran, said that if the nuclear talks culminate and prices of foreign currencies fall the bank will only monitor fluctuations and curb price shocks, Iran's Mehr news agency reported on April 4.
Foreign currency prices in Iran were nearly steady over a decade, but the US dollar has almost tripled against the Iranian rial since three years ago.
Seif also said that dropping zeroes off the national currency is among prioritized plans of the Central Bank. "To this end, reducing the inflation rate to a single-digit rate is a prerequisite."
The Central Bank of Iran has announced that the inflation rate for the 12-month period ended on the last day of the twelfth month of the previous Iranian calendar year (March 20) fell to 15.6 percent, a 0.2 percent drop compared to the previous month.
The inflation rate plunged from 32.5 percent in the first month of the previous Iranian calendar year to 15.6 percent in the twelfth month.
The Central Bank has predicted that the inflation rate will decline to 13 percent in the current year.
The US dollar was sold at 32,600 rials in Iran's free market on April 4, while the official rate announced by the Central Bank was 28,084 rials.