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Central Bank of Iran Controls the Prices of Essential Goods

Mahmoud Bahmani Governor of Central Bank of Iran Islamic Republic

Last week, Iranian government announced that it will no longer import essential goods using subsidized currencies. Local economists say that this kind of measures will increase the prices of basic items in domestic markets. However, the government has rejected these claims and criticisms.

Mahmoud Bahmani, the Governor of Central Bank of Iran (CBI), said on Tuesday that the government will monitor markets closely. He also mentioned that CBI will work out with Iranian government to control the prices of essential goods in domestic markets.

“We have recently decided to stop providing subsidized hard currencies to the importers of essential goods. But this has nothing to do with the prices of basic items in Iranian markets. The governmental and private-held organizations, which are involved in importing essential goods, are free to receive their necessary currencies from defined sources according to current regulations of CBI.” Mahmoud Bahmani told reporters on Tuesday.

According to local media reports, Iranian government has failed to receive its revenues from countries buying oil from Islamic Republic. This has made the government to stop spending hard currencies at this critical condition.

It is good to know that international sanctions on Iran’s economy have severely hit Islamic Republic’s foreign revenues such as exporting gas, oil and petrochemical products.

“During the recent months, CBI has detected a large number of financial institutions that are working illegally in various provinces of Iran. Their resources have been seized accordingly, and we have stopped their operations in cooperation with judiciary service.” Mahmoud Bahmani concluded.

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