Iran's central banker promises to improve economy

August 18, 2018

TEHRAN- Writing on Twitter, governor of the Central Bank of Iran (CBI) clarified some of the bank’s recent taken measures and adopted policies and also made some promises to keep for improving domestic economy, IRIB reported on Saturday.

Showing gratitude to all the financial, monetary and banking experts who have expressed their views about CBI’s recent policies or those who have suggested different solutions to egress the current economic situations and to dominate stability in the market, Abdolnaser Hemmati vowed the Iranian nation to have increasing transparency and combating rent seeking among his top priorities till the end of his tenure.

The central banker also named improving the value of the depreciated rial, regulating the foreign currency market, controlling liquidity volume, curbing the rampant inflation, modifying financial structure of the banks, combating the cruel U.S. sanctions imposed on financial and banking transactions as well as conducting constant negotiations with other countries in this regard as his other goals on agenda.

Hemmati, 61, replaced Valiollah Seif as the top Iranian banker following a cabinet meeting on July 25, when Iran’s national currency lost its value against the US dollar by more than three times.

The dollar was trading for about 30,000 rials when Seif took over five years ago. Now, it is changing hands at more than 100,000 rials on the unofficial market.

HJ/MA

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