Iran has adequate currency supplies to cover trade, and the rial has stabilised after “a heavy attack” from the US-led economic sanctions imposed on the Islamic Republic, the head of the country’s central bank said.
Iranians need to adjust their spending habits and “take seriously” sustained efforts by the US to destabilise the economy, while Iran has to confront “very high” levels of corruption that are exacerbated by exploitative currency trading practices, Abdolnaser Hemmati, the head of the Central Bank of Iran said in an interview with Iranian state television.
The rial has lost almost 60% of its value since February of last year. For the past month, the dollar has been trading between 110,000 and 120,000 rials on the open, unregulated market, showing the currency has regained some value after hitting 170,000 rials in September.
Hemmati said inflation is now under “total control” despite the pressure from US President Donald Trump’s decision last year to withdraw from the 2015 nuclear deal and reimpose sanctions on Iran. The sanctions are part of his administration’s strategy of countering Iranian influence in the Middle East.
Trump has called the nuclear accord too weak and said he wants to force Iran to give up its nuclear ambitions and what he calls its support for terrorism in the Middle East by choking off its oil revenue.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Buying support from domestic institutions helps QSE near 10,200 level
India, China to drive natural gas market until 2040: IEF secretary general
Samsung launches folding smartphone, first 5G handset
British airline flybmi says Brexit challenges are insurmountable
A350 and 777X to lead long haul
Africa on the cusp of an aviation boom?
Brexit doesn’t mean EU agency can break Canary Wharf lease
Tencent to maintain aggressive investment stance in 2019