BAKU, Azerbaijan, Mar.24
Trend:
Central Bank of Iran is fully prepared for difficult conditions, said the Governor of the Central Bank of Iran.
"The Central Bank of Iran has managed to control liquidity, implement innovative policymaking, developed electronic systems, and managed limited foreign currency resources in last Iranian year (started March 20, 2020), " said Abudlnaser Hemmati, Trend reports citing IRNA.
He went on to say that the Central Bank of Iran used all its effort during the past three years that included economic pressures to properly manage limited foreign currency resources and finance the necessary needs.
"There should be an effort to increase foreign currency reserves in the Central Bank of Iran. Other organizations have high expectations over assigning foreign currency but there are limited resources while the expectation are based on the Central Bank of Iran's past annual foreign currency revenue that used to be $50 billion," he noted.
Iran's foreign currency revenue during last year was reduced to one-ninth of the average revenue in previous years.
"The open market operation was one the innovative policies of the Central Bank of Iran, on top of the launch of electronic payment systems with 150 million POS transactions per day and 400 million interbank transactions where it managed the limited foreign currency resources," Hemmati stressed.
"At the moment the assignment of foreign currency is done by online system. The Ministry of Industry, Mine and Trade, Ministry of Agriculture and Health, and other ministries would determine the assignment, and the Central Bank of Iran would act based on priorities. Boosting people's purchase power is one of the concerns of the Central Bank of Iran," he added.