CBI drafts plans for shielding economy against sanctions

May 3, 2019 - 20:10

TEHRAN - Central Bank of Iran (CBI) Governor Abdolnaser Hemmati announced on Friday some of CBI plans for neutralizing or relieving the impact of U.S. sanctions on the country’s economy, IRNA reported.

In an Instagram post, the official pointed out some of the approaches that CBI is following to counter the U.S. sanctions and to control inflation.

Maintaining and strengthening the relative stability of the foreign exchange market by strengthening and improvement of the performance of Iran’s domestic Forex Management Integrated System (locally known as NIMA), setting foreign currency exchange policies to support non-oil and oil exports and providing liquidity and working capital to maintain and boost domestic production and finally establishing a financial mechanism with neighboring countries are some of the plans which CBI is going to execute.

Explaining CBI plans for managing inflation, the official noted that previous monetary policies regarding the controls over cash flow will be modified using the new structure of monetary policy and consequently uncertainty over controlling the cash demand is going to decrease.