Central bank chief:

Nothing but ‘psychological atmosphere’ can affect currency market

TEHRAN (defapress) – Governor of the Central Bank of Iran (CBI) said Tue. that except for a ‘psychological atmosphere’, nothing can negatively affect the country’s foreign currency market.

News ID: 75855

Date: 26 February 2019 - 13:19

Abdolnaser Hemmati, Governor of the Central Bank of Iran (CBI), addressed the 56th Central Bank Annual Meeting on Tuesday in Tehran, where President Rouhani and a number of senior officials were present.

“I started my tenure as the governor of the Central Bank seven months ago; during this period, we came under the US most severe sanctions; yet, the foreign currency rate only jumped by 12% during these seven months, whereas the US president had said he would destroy Iran’s national currency,” Hemmati said in his address to the Central Bank Annual Meeting.

He said Iran’s financial market was the enemy’s most important target, adding “currently, the market has come under proper control, to the point where the liquidity trend has not changed compared to the previous months.”

The CBI chief maintained that the recent negative developments did not leave the slightest impact on the country’s liquidity, stressing that the Iranian banks are in a better condition now.

“The conditions permeating the currency market are, at the moment, desirable, and we are going to take better decisions in the coming months that would improve people’s livelihood,” he said.

Hemmati further noted that the country’s banknote reserves are in a good condition, adding “we managed to control the market by spending the least expenses. The country’s reserves, meanwhile, have been on the rise, and our currency reserves outside the country are at a desirable level for imports.”

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