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CBI chief: South Korea to pay $1b of its arrears to Iran

reporter 1222 — Wed, 24 Feb 2021 10:25:12 +0000

TEHRAN (Iran News) – Governor of the Central Bank of Iran (CBI ) Abdolnasser Hemmati said on Wednesday that South Korea is to start paying $1 billion of its arrears to Iran from the total amount is $7b.

Speaking to reporters on Wednesday, Hemmati elaborated on the agreement between Iran and South Korea on the transfer of Iran’s assets, saying Korea has called for negotiations.

If South Korea does not pay Iran’s debt, Iran will initiate proceedings with international justice, he said.

He hailed the current atmosphere, saying extensive talks have been held with Oman, Japan, Iraq, and South Korea

Earlier, in an interview with Bloomberg held in January, Hemmati said South Korean officials promise to release Iranian assets but take no practical steps to pay arrears to Iran because of US sanctions.

last Monday, The Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati met with the South Korean Ambassador to Tehran Ryu Jeong-Hyun to discuss the details regarding the transfer of Iranian frozen assets in the Asian country.

In the meeting with Choi, Hemmati called on the South Korean government to take an independent approach towards the issue of releasing Iran’s resources in the country, saying: “Seven billion dollars belonging to the Iranian nation has been blocked in South Korean banks for more than two years, this is unacceptable and Iran definitely will not be indifferent towards this issue.”

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Economy getting out of recession: CBI head

reporter 1222 — Wed, 12 Feb 2020 10:11:34 +0000

TEHRAN (Iran News) – Governor of the Central Bank of Iran Abdolnaser Hemmati announced that Iran’s economy is getting out of recession, while major economic indices are experiencing stability.

Despite some efforts done to present a dark image of Iran’s economic future, CBI data proves the economy to have relative stability, stepping out of recession, the governor said.

“Main macro-economic indices including growth in the non-oil sector and inflation rate are illustrating relative stability and incremental improvement besides stepping out of recession,” Hemmati wrote on his Instagram page.

“This is in contrast with what the enemies expected and sought to reach,” he added.

In his earlier remarks, Hemmati had said that the government will exert every effort to improve the national economy, as a top priority urged by the Leader of the Islamic Revolution.

He said, “curbing the inflation” is high on CBI’s agenda in a bid to achieve such a goal, adding that Iran has sufficient foreign exchange reserves to overcome any turbulence in the currency.

“Controlling the currency rate is the key step since turbulence in this market will have the worst impact on the economy.”

The top banker underscored the role of the newly launched Open Market Operation and changes in the CBI monetary policy to rein in galloping inflation.

He reiterated that CBI measures, however, should be accompanied by adopting effective and supportive policies to boost the non-oil sector of the economy.

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Iran forex market stabilize soon; CBI chief

reporter 1222 — Tue, 10 Dec 2019 08:02:47 +0000

TEHRAN (Iran News) – The governor of the Central Bank of Iran (CBI) says prices of foreign currencies, forex, will return to normal levels in the very near future despite growing speculations that have affected the market over the past days.

Abdolnasser Hemmati said on Monday that prices in the forex market had surged over the past days mainly because of a recent government decision to increase the price of fuel and rumors that Iran would have problems finding a budget announced for the next Persian calendar year starting in late March.

“We do not treat the issue of currency rate and its fluctuations with hysteria,” said Hemmati, adding, “We will bring stability back to the forex market.”

The CBI chief said certain people were benefitting from creating a bubble in the prices of foreign currencies.

“Based on our information, networks outside of the country are also working to increase the currency price,” said Hemmati, without elaborating.

Reports from the unofficial currency market in downtown Tehran on Monday showed that prices had surged by nearly 25 percent compared to late November.

Iran’s rial closed at 138,000 against the US dollar on Monday, the lowest on record for the national currency since early summer.

Hemmati said various factors had played a role in rial’s devaluation in recent days, including continued unrest in neighboring Iraq which had significantly affected Iran’s exports to the Arab country.

He said demand for hard currency had also increased in December mainly because Iranian companies were clearing debts owed to foreigners in days leading to the Christmas.

The chief banker said government’s announcement of an annual budget bill on Monday had also fueled speculations in the market that Iran would face financial difficulties next year mainly because of the American sanctions imposed on the country.

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