TEHRAN- The Governor of the Central Bank of Iran (CBI), outlining the priorities of monetary and exchange rate policies, emphasized this institution’s complete focus on sustainably curbing inflation, deepening the forex trading market, and the necessity of cooperation from other government bodies to navigate the current complex situation.
Abdolnaser Hemmati, emphasizing this point, stated: “Without meaningful and sustainable control of inflation, improving employment, achieving desirable production growth, and creating economic calm and confidence will not be possible. Therefore, under current conditions, any goal that conflicts with this priority will be set aside from the Central Bank’s perspective.”
The Central Bank Governor added: “With the implementation of the new exchange rate policy, the trading volume in the unified foreign exchange trading market over the past month has reached more than $3 billion; a figure that is 70 percent higher than the previous month and 35 percent above the average of past months.”
According to him, this volume of transactions indicates the deepening of this market and its determining role in guiding the exchange rate.
He said: “Experience has shown that the continued deepening of the trading market is the most important factor influencing the exchange rate. This improvement in the commercial foreign exchange market, along with other reforms and reduced uncertainties, will lead to stability in all foreign exchange markets.”
Hemmati emphasized: “We hope that within the framework of laws and as a result of exchange rate, monetary, banking, and fiscal policies, recurring instability in the foreign exchange market will be prevented. It is necessary that the Central Bank’s actions in implementing monetary and exchange rate policies be accompanied by cooperation from other institutions and government sectors, especially the government, parliament, and the judiciary, so that we can navigate this difficult pass of economic policymaking with minimal cost.”
The Central Bank Governor added: “Despite all the difficulties that are evident to the dear people, the full capacity of the Central Bank will be focused on gradually improving the country’s economic situation, through controlling inflation, managing the external sector of the economy, and reducing uncertainties.”
MA
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