funding imports

In a meeting with business people from the Kish Free Trade Zone, Abdonnaser Hemmati said there is no trouble with funding the imports, Irannews reports.

Despite a reduction in the oil incomes during the first half of the current Iranian year, the Central Bank has provided more than $19 billion in financing for the import of goods, including $8 billion for the import of medicine and basic commodities, he added.

Hemmati also stressed that the enemies have failed to achieve the objective of dismantling Iran’s economy under the pressure of sanctions.

In January, the CBI governor had explicated plans to neutralize the economic pressures and psychological war waged by the US and its allies with the aim of destabilizing Iran’s foreign exchange market.

The market experienced a sharp rise in the value of foreign currencies and gold coin prices in summer 2018. The Iranian money plunged to a record low against the US dollar in August last year.

But the Iranian currency, rial, began to bounce back against US dollar later in the year after Hemmati unveiled a new package of regulations on foreign currency trade which lifted a ban on the activity of money exchange markets.

The post Funding for Imports Goes Without A Hitch: Iran’s Top Banker appeared first on Iran News Daily.

The bilateral monetary treaties are aimed at ditching dollar in trade transactions.

A Parliamentarian, Hassan Nowruzi, who opposed the plan, said approving such bill would only lead to the entanglement of several laws and will not contribute to better implementation of monetary policies.

In turn, Hadi Ghavami, another lawmaker pro to the bill, believes that a currency swap agreement between states could potentially lessen the US dollar’s influence, and it is a fundamental solution for settling economic problems and overcoming new round of sanctions imposed by the US on Iran.

According to a member of Iranian Parliament Economic Commission Ahmad Anaraki Mohammadi, Iran is currently doing business with countries like China and India based on bilateral monetary treaties.

The post Lawmakers reject bill on bilateral monetary pacts appeared first on Iran News Daily.

The bilateral monetary treaties are a mechanism to ditch dollar in trade transactions. A currency swap agreement between states could potentially lessen the US dollar’s influence on the global energy and other markets.

In general, the Central Bank of Iran (CBI) should fulfill its obligations in this regard while the Iranian Foreign Ministry is responsible for facilitating and easing economic affairs, Zarif said.

The post Talks underway for signing bilateral monetary treaties: FM Zarif appeared first on Iran News Daily.