In the meeting, Hemmati stated that CBI is planning to control the foreign exchange market in order to maintain market equilibrium in the country.

He further expressed hope that the continuation of the relative calmness in the markets would lead to a boom in domestic production.

“Fortunately, the foreign exchange market is stable, and the reinjection of exports revenues into NIMA are getting better which is a sign that the country’s businessmen and traders are welcoming CBI’s recent foreign exchange policies,” he said.

Elsewhere in his remarks, Hemmati underlined some of CBI plans for directing liquidity to small and medium-sized enterprises, adding that the central bank is actively pursuing support for small and medium-sized manufacturing units.

“In this regard, and in order to prevent recession, new programs are being developed in collaboration with the country’s monetary experts and will be implemented in the form of a productive financing plan,” he noted.

Like the other economic bodies of the country, CBI has defined supporting production as its major plan in the current Iranian calendar year, which is named the Year of Pickup in Production, and in this regard Hemmati has several times stressed that supporting production units to flourish production is the priority of the country’s banking system in current year.

In early May, the official outlined CBI plans for neutralizing or relieving the impact of U.S. sanctions on the country’s economy and mentioned providing liquidity and working capital to maintain and boost domestic production as one of those plans.

To find the best ways for supporting production, CBI is regularly holding meetings with the representatives of private sector and also with the economists.

CBI’s plans take two major approaches, first is that they will lead to secure finance for production activities and provide the working capital needed for such activities; and the second one is that they will not be resulted in any deviation in the banking resources and also in higher inflation.

In this regard, the central bank’s committees of liquidity and credit have investigated several plans, that one of them is “Productive Finance Plan”, which will be implemented after being discussed with monetary and banking experts.

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“Even though the central bank is going through a difficult period, I’m very hopeful about overcoming the problems with the mentioned plans in progress,” he noted.

“Communicating with people and economic activists, transparency in policy making and implementation, and responding to people are key components of a good governance in modern central banks,” he said, adding “In the complicated conditions facing the country’s economy, I have been trying to implement these guidelines to pass through the current situation.”

The official went on saying that in the past three months, the government has allocated $5 billion for supplying basic goods and also $6 billion for importing basic materials for the country’s production units through the domestic Forex Management Integrated System (locally known as NIMA).

In early May, Hemmati had outlined CBI plans for neutralizing or relieving the impact of U.S. sanctions on the country’s economy.

In an Instagram post, the official pointed out some of the approaches that CBI was going to follow in order to counter the U.S. sanctions and to control inflation.

Maintaining and strengthening the relative stability of the foreign exchange market by strengthening and improvement of the performance of NIMA, setting foreign currency exchange policies to support non-oil and oil exports and providing liquidity and working capital to maintain and boost domestic production and finally establishing a financial mechanism with neighboring countries were some of the plans which CBI head said is going to execute.

Explaining CBI plans for managing inflation, the official noted that previous monetary policies regarding the controls over cash flow would be modified using the new structure of monetary policy and consequently uncertainty over controlling the cash demand was going to decrease.

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