Currency Rate to Be Stabilized Soon
Currency Rate to Be Stabilized Soon
In his speech at Majlis open session, Minister of Economy said the currency market will be stablized in the coming weeks.

TEHRAN (Iran News) –In his speech at Majlis open session, Minister of Economy said the currency market will be stablized in the coming weeks.

The open session was held before Governor of the Central Bank of Iran (CBI) Ali Saleh Abadi presented a report on foreign currencies in a closed session.

In his speech, Minister of Economy Ehsan Khandouzi pointed out the instability in the currency and dollar prices in the country in the past one or two months and said: “Until the beginning of the unrest in the country, the Central Bank had stabilized its policies regarding bank drafts and the integrated foreign exchange market, but as the riots started, the enemies tried to encourage the markets and businesses to strike and shut down.”

He said: “When the enemy saw that its policy of shutting down and striking businesses failed, they did not sit idly by and tried to direct the instability to the banks, but with the approaches taken by the CBI, the currency market will stabilize in the coming weeks.”

He noted that the ministry is not officially tasked in interfering the demand-and-supply for forex but he as a member of economic team of the government explains the reasons behind volatility in the forex market.

Khandouzi then pointed to the performance of his ministry since he took office and reiterated that the ministry is aimed to boost the value of the national currency and it has been successful because recent riots broke out in the country. He reiterated that enemies have tried to cause chaos in the forex market and banking system but with measures taken by the Central Bank everything is gradually coming to normality.

He once again reiterated that country has no problem in providing forex for its market needs and urged Majlis for finding a controlling tool for monitoring the market and fighting with speculators in the market and levying tax for capital gain will help to control forex market and any speculation, and the government is ready to implement the law.

Later the Governor of Central Bank Salehabadi addressing the Majlis said that the bank has plans for controlling the prices in the market and increasing the banking interest rate is one of them.

He urged all related bodies to cooperate with the bank for stability in the monetary market.