Iran looks to have more control over its foreign exchange market

Business Materials 10 June 2019 14:12 (UTC +04:00)

Tehran, Iran, June 10


Iranian government is to implement more control over foreign exchange market while it hopes that the launch of Instrument in Support of Trade Exchanges (INSTEX) would help the financial transaction issues, said Minister Economic Affairs and Finance Farhad Dejpasand.

"The government has taken measures to control foreign exchange market that would include the increase of supply to the market and manage the fake demands, however it should be noted that some economic factors would effect the foreign exchange rate," Dejpasand said, Trend reports citing ILNA.

"There has been good cooperation between the government and the private sector. Significant amount of foreign currency revenues have returned to the country, hopefully the process would continue," he added.

"While the Europeans announced the launch of Instrument in Support of Trade Exchanges (INSTEX) in the upcoming weeks, the US has started its threats but I don't think the threats would work, currently we have started to prepare the grounds for the financial channel," Dejpasand said.

"After the unilateral US sanctions, the main concern of government is to provide the needs of production units and prevent rise of unemployment," he noted.

"The government has provided $142 million worth of bank advances last Iranian year (started March 21, 2018), while the sanctions created problems regarding raw material imports," he said.