Central Bank of Iran forecasts stable market

Tehran, Iran, Jan. 22

By Kamyar Eghbal – Trend:

Despite the recent currency fluctuations in the country, Valiolah Seif Governor of Central Bank of Iran has forecasted that the market would experience stable days over the ending two months of the current fiscal year (starting March 20).

“The situation of the Foreign Exchange earnings of the country has improved. The volume of exports of our oil has increased and the price of oil per barrel have neared $70. Therefore, there is no reason to see fluctuations in currency market in the long-term,” Seif told reporters on the sidelines of a conference on electronic banking in Tehran on January 22, Trend's correspondent reported from the event.

“The Central Bank of Iran is capable of controlling the situation and you will see a downward trend in the currency prices over the two ending months of the year,” the official added.

He further urged people to refrain from investing in the country’s currency market and turn to reliable investments, instead.

According to the country’s real-time data sharing system, SANA, euro valued 55,161 rials in the free market, adding 1.18 percent on Sunday. The Central Bank of Iran (CBI) put the official rate of euro at 44,780 rials.

On the same day, the US dollar was quoted at 45,229 rials in the free market gaining 1.59 percent compared to the preceding day. The CBI put the official rate for the greenback at 36,639 rials.

On Monday the greenback lost 0.16 percent to be traded at 45,157 rials in the free market. However, the euro has surged by 1.37 percent to post 55,917 rials.

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