Iran to fix currency rates in one year
Tehran, Iran, May 18
By Mehdi Sepahvand - Trend:
The Central Bank of Iran's program for the current Iranian fiscal year, to end March 20, is to fix currency rates, the banks president Valiollah Seif said.
He emphasized that the existence of two rates for currency creates corruption, IRNA news agency reported May 18.
Currently, while $1 is sold at about 30,000 rials by banks, the free market price for $1 is about 35,000 rials.
Elsewhere in his comments, the official noted that the Iranian banking system under his supervision reduced interest rates from 29 percent to 17 percent.
Pointing out that the country's economic inflation rate is now 11.2 percent, Seif asserted that the Central Bank plans to further reduce interest rates down to the inflation rate.
Economic inflation in Iran surpassed 40 percent when the incumbent cabinet took office in 2013.