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Iran’s Central Bank helping to meet demand in foreign currency in country

Business Materials 20 November 2019 13:12 (UTC +04:00)
Iran’s Central Bank helping to meet demand in foreign currency in country

BAKU, Azerbaijan, Nov. 20

By Elnur Baghishov - Trend:

Iran’s Central Bank is actively participating in the Iranian foreign exchange market, Governor of Central Bank of Iran (CBI) Abdolnaser Hemmati wrote on his Instagram page, Trend reports Nov. 20.

“The foreign currency obtained by the Central Bank from non-oil exports and the foreign exchange market provides the opportunity to meet demand for foreign currency in the Iranian market,” Hemmati said.

The governor added that the Central Bank has more than a year of experience in managing the foreign exchange market.

“The recent demand in the foreign currency in Iran won’t affect the foreign exchange market,” Hemmati noted.

The bank’s governor urged the Iranian citizens to protect their investments from various dealers in the black market.

As a result of devaluation in Iran last summer, the price of $1 in the black market increased from 35,000 rials to over 200,000 rials. Later, as a result of the intervention of the Iranian Central Bank, the exchange rate of the US dollar decreased. Presently, $1 equals to 112,000 rials in the Iranian black market.

Over the past two days, there have been a number of peaceful protests over the rise in gasoline prices in Iran. In some cases, the protests resulted in riots. On Nov. 15, the price of gasoline sold within quotas in Iran rose by 10,000 rials (23 cent) to 15,000 rials (35 cent) per liter and the price of freely sold gasoline grew to 30,000 rials (71 cent) per liter.

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