Iranian rial regains value by 40% in a year: CBI

October 2, 2019

TEHRAN – Governor of Central Bank of Iran (CBI) said the value of Iranian currency, rial, has recovered by over 40 percent against U.S. dollar in the past 12 months, IRIB reported.

Today, the national currency has strengthened by 40 percent compared to exactly a year ago; the inflation has been controlled and indications of economic growth are starting to show,” Abdolnasser Hemmati wrote in an Instagram post on Wednesday.

As reported, Hemmati underlined the significant impact of the bank’s new policies on the country’s currency market and economy.

Iranian rial was traded at a historic low of 190,000 against the dollar in September 2018 before it regained some of its value and rose against foreign currencies a month later.

A series of measures adopted by the Iranian government this year helped control the prices in the unofficial market, allowing the rial to trade at a year-long high of 109,000 against the dollar in July.

In late August, the CBI governor had stated that the bank was continuing to take all necessary measures to control the foreign exchange market in order to maintain market equilibrium in the country.

“The foreign exchange market is stable, and the reinjection of export revenues into NIMA are getting better which is a sign that the country’s businessmen and traders are welcoming CBI’s recent foreign exchange policies,” he said.

EF/MA

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