CBI Governor Hopes for Continued Reduction of Inflation Rate in Iran

Governor of the Central Bank of Iran (CBI) Abdul Nasser Hemmati underlined government's full control over the foreign exchange market, and expressed hope that reduction of inflation rate would continue in the next few months.

Price stability is dominating the currency market and consequently other prices have been stabilized as well, "we hope to witness the same inflation reduction trend" that has started in the coming months, Hemmati said on Wednesday.

He added that the foreign exchange market is fully controlled, and noted that gas rationing has no influence on the exchange rate and "we have complete control over this market".

Hemmati stated that Iran is in a good place with regard to forex reserves.

He added that the same trend of inflation reduction that Iran has had over past months will also continue in the future and "we will do better with the help of people and the efforts of our colleagues in many sectors of the economy".

Earlier this month, Hemmati wrote on his Instagram page that thanks to Iran’s potentials, facilities and foreign exchange reserves, relative stability will continue in Forex market.

He said that due to the CBI's currency policies, role of non-oil exporters and the CBI's management for controlling the Forex market, Iran will observe facilitating imports demands and making the Forex rate more logical.

"I have repeatedly emphasized that in sanction era, some political factors also have minor impact on currency fluctuations, and the seemingly positive and negative news can partly affect the currency market," Hemmati noted

He, meantime, added that whatever he said about reinforcing the national currency does not deny the impact of cruel sanctions on the value of the national currency, the level of prices and the vulnerable people.