Central Bank of Iran says to provide foreign currency to local businesses

Business Materials 20 June 2020 09:01 (UTC +04:00)
Central Bank of Iran says to provide foreign currency to local businesses

TEHRAN,Iran, June 20


The Central Bank of Iran (CBI) would provide foreign currency to businesses despite pressure of the US sanctions, CBI governor Abdolnasser Hemmati said, Trend reports via IRNA.

"Foreign currency rate is affected by economic, political and psychological factors in the market, and the real value is much less than the current rate," he said.

"The stability of the foreign currency rate is important to the CBI, and the rates in foreign exchange offices are set to prevent speculations," Hemmati said.

He went on to add that experience of the past two years has shown that foreign currency rate in Iran can be controlled.

"Iran's Central Bank used all its capability to stabilize the market despite the drop of oil and oil product prices, COVID-19 and Iran being blacklisted by the FATF," Hemmati said.

Despite the limits put on Iran earning its revenue from the oil sales, the country can barter goods, Hemmati said.

"The CBI's agenda is to follow up on Iran's access to blocked properties, as the bank has achieved certain results in some cases, whole some other cases would need some time," said the official.

"The exporters should bring back the foreign currency revenues earned in 2018 back to Iran until July 20, as this would affect the foreign currency market in the coming weeks," said Hemmati.