Forex Market Stable Despite U.S. Toughest Sanctions
Forex Market Stable Despite U.S. Toughest Sanctions
TEHRAN – Governor of Iran’s Central Bank (CBI) says the bank has managed to surmount  the toughest sanctions and economic pressures which have been imposed by the U.S. since last year and has passed it.

Speaking in Mashhad, Abdolnaser Hemmati said despite U.S. toughest sanctions, the Central Bank has succeeded in controlling the foreign exchange market. He added that the forex market is currently stable and there is no concern.


He went on to say that the U.S. and its allies were after crippling Iran’s economy , adding that the CBI will not let any rise happen in the forex price and it currently witnesses strengthening the value of the national currency.

Hemmati reiterated that the U.S. was after destroying Iran’s national currency and it used to talk about dollar to be traded at 40,000 to 50,000 tomans but it failed to materialize its goal.

He noted that Iran’s power in confronting economic sanctions of enemies has now become vivid to the world and sanctions do not have any impact any longer.

He also added that at this stage, the CBI cannot eliminate forex with official rate of 4200 tomans per dollar and it is necessary for essential commodities.

The rial on the open market is now close to the Nima rate, Hemmati said.

Hemmati said that Tehran is serious to support small and medium-sized enterprises (SMEs), adding that the government will fund SMEs with more than $2.4 billion by March 2020.

“The amount of credit paid to the manufacturing sector would increase this year while up to 300 trillion rials worth of credit would be earmarked to the SMEs,” he added.

According to reports, each dollar was traded for 12,350 tomans. The dollar rate has nose-dived in recent weeks and there is no sign of attraction among people to rush to the forex market for investing on forex or gold.

Rial has strengthened about 8% in the open market over the past month to 125,350 per dollar.

  • source : Iran news