Iran Central Bank denies gov't role in dropping national currency

Business Materials 30 November 2016 17:25 (UTC +04:00)

Baku, Azerbaijan, Nov. 30

By Khalid Kazimov – Trend:

A senior Iranian financial official has rejected rumors, accusing the government of intentionally pushing up the prices of US dollar against Iranian national currency, rial.

The governor of the central bank of Iran, Valiollah Seif, has said that there are a group of individuals who accuse the government of devaluating the national currency against the US dollar in order to cover the budget deficit, ISNA news agency reported.

The remarks came following a sharp surge in the value of US dollar against Iran’s rial as the value of the dollar in the Iranian free market has surpassed 38,000 rials which used to float near 35,000 rials just about one month ago.

The Iranian official further forecasted that the increasing trend of the US dollar in Iranian market would not last for a long period.

He also pledged that the country’s central bank will take the required measures in order to control the currency fluctuations in Iran.