TEHRAN – The Governor of Central Bank of Iran Abdolnasser Hemmati says the foreign exchange reserves of the country are in good condition and there is no need to worry.

The strategic Chabahar port project, being developed by India in Iran, is a separate exception and will not be impacted by US President Donald Trump's decision not to renew exemptions that let eight countries including India to buy Iranian oil without facing tough American sanctions, a State Department official said as the Indian daily the Economic Times reported on Wednesday.

More than 7,160 tons of products worth $3.31 million were exported through the customs of Iran's Qeshm island, one of the islands of Iran’s southern Hormozgan province last Iranian year (started on March 21, 2018), Director General of the Qeshm Customs Office of Hormozgan province Hossein Saidi said.

"The illusion about any instability or inflation in domestic foreign exchange market, which was constantly spoken of, is broken for the nth time by the Central Bank of Iran’s (CBI) management," the central bank governor Abdol-Naser Hemmati wrote on his Instagram on Wednesday.

There are several advantages for purchasing oil from Iran Energy Exchange (IRENEX) including the lower prices, smaller cargoes, easy conditions for participating the market, clearing the payments in rial and exporting the purchased cargoes to all over the world.

Following reports that the U.S. is planning to end the waivers on Iranian oil sanctions, a source with the Iranian oil ministry said Washington cannot drive Iranian oil exports to zero.

The value of trades at Tehran Stock Exchange (TSE) and Iran’s over-the-counter (OTC) market, known also as Iran Fara Bourse (IFB), rose 80 percent during the past Iranian calendar year (ended on March 20, 2019), head of Iran’s Securities and Exchange Organization (SEO) announced.

Oil prices rallied by more than 2% on Monday to levels not seen since November 2018 following the market's growing concerns that the US may not renew the sanction waivers on Iranian oil, which will end early May.

China’s Bank of Kunlun on Monday announced that it will continue cooperation with non-sanctioned Iranian banks for transactions and also payments related to non-sanctioned goods.

These days one of the major factors which is affecting the oil market is the U.S. President Donald Trump’s actions and their consequences. The imposition of sanctions on Venezuela, reimposition of sanctions on Iran, comments on Libya, the impact on Saudi Arabia and OPEC decision making, are just some of the scenarios in which Trump is the lead actor.