CBI pledges to restore balance in forex market in coming weeks
The Central Bank of Iran (CBI) is taking necessary measures for restoring balance in the domestic foreign currency market, Tasnim reported on Saturday.
In late-July, Iran’s national currency, rial, fell into a record low of 240,000 against the U.S. dollar.
“We are trying to control the market and we have started taking serious measures in this regard, which will have tangible results in the coming weeks,” CBI Governor Abdolnaser Hemmati said.
The current turbulence in the country’s forex market has not been created solely by economic factors, he said, adding that political and security issues have been also involved.
“Measures are being taken so that the foreign currency rates won’t depend on non-economic factors. To this end, we have already curbed a series of illegal activities, violations, and irregularities and we are seriously pursuing these new policies,” Hemmati said.
He called for other sectors, such as the judiciary, to help the central bank in this regard.
Elsewhere in his remarks, Hemmati said that $2.5 billion in export revenues has been re-injected into the country’s forex management system (known as NIMA) over the past 10 days.
source: TehranTimes
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Glencore posts lower metals output for first nine months, reiterates outlook
Mercuria eyes equity in African assets, new metals boss says
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Traders see gold as a surefire bet as coin-toss election looms
Gold price surge adds glitter to tarnished miners
Environmentalists sue over US approval of ioneer’s Nevada lithium mine
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years