Forex Reserves in Favorable Condition; Economy “Stable”
Forex Reserves in Favorable Condition; Economy “Stable”
TEHRAN – Governor of Iran’s Central Bank says the forex market has been stabilized and the forex reserves of the country are favorable and the current banknotes’ condition has been unprecedented in the past 6 years.

Speaking on the sidelines of the cabinet meeting yesterday, Abdolnasser Hemmati hailed the current stability in the forex market and economy.

IRAN NEWS ECONOMIC DESK

He said that Iran’s currency and capital market’s conditions are stable.  In response to a question about the condition of Iran’s currency and capital market, said that the conditions are good. “The conditions of the capital market would not be as it is if the conditions were not good.”

He referred to the stability in the country’s currency and capital conditions, pointing out that raw materials and supplies needed by the factories are imported into the country.

Hemmati went on to add that Iran’s foreign exchange reserves are unprecedented in the last six years.

“Fortunately, we have no problem in this regard and we hope that the situation will improve day by day, so we can do essential things for the growth and development of the country.,” he added.

Elsewhere in his remarks, he pointed out that the trade balance is positive and inflation is declining.

He also warned people to stay away from investing on forex and gold, adding that it is a risky and fluctuating market and people are better to invest in other fields which face less risk.

Hemmati added that by return of peace to the forex market, the business climate is improving and the trade balance is a proof that economic activities are growing and improving.

He also added that the inflation rate is under control, reiterating that national currency has not lost value despite high prices of commodities.

Meanwhile minister of economy and finance, Farhad Dejpasand stressed that the Iranian economy has weathered the storm and resisted US sanctions, with tourism in Iran growing by as much as 40 percent this year.

Commenting further Dejpasand pointed to Iran’s foreign currency reserves saying the government  is very careful about how it spends its foreign currency. He said the currency market is stable in Iran which shows the Iranian economy is doing well.

The Economy Minister also confirmed that Iran does not have any hard currency shortages and that all basic commodities were available.

Dejpasand said the growth of tourism this year was particularly impressive.