In an interview with Tasnim, Peiman Qorbani, the CBI deputy governor for economic affairs, said macroeconomic indicators illustrate an improvement in Iran’s economic conditions despite the maximum pressures that the enemies have been exerting on the country.

Calculations and assessments indicate that the downward trend in the inflation rate and the improvement in the non-oil economic growth will continue next year, he added.

The continuation of the current trend and stability of other conditions will reduce the inflation rate in the next Iranian year to around 20 percent, Qorbani said, noting that such circumstances will offer an appropriate prospect for strengthening anti-inflationary policies, a bigger drop in the inflation rate, stabilization of economy, and a structural reform of the country’s money market.

In remarks in October 2019, Iranian President’s Chief of Staff Mahmoud Vaezi said the US economic war and unprecedented sanctions imposed on the Islamic Republic have failed to stop the country’s economic growth.

Iranian First Vice-President Eshaq Jahangiri had also announced earlier that despite the US government’s sanctions against the country, Iran’s economy was moving toward a better and more stable situation.

The US has ratcheted up pressure on Iran since May 2018 after withdrawing from the 2015 nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).

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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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