Hosseinpour: The Government Should Restore the Value of Iran’s Rial Reviewed by Momizat on . Rating:
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Hosseinpour: The Government Should Restore the Value of Iran’s Rial

Iran's Rial Iranian Currency

During the recent two years, Iranian rial lost more than half of its value against U.S. dollar mainly because of economic embargoes imposed by world powers on Iran. The immoderate fluctuations in Iran’s foreign currency exchange markets have made many troubles for different sectors in Iran.

Mahmoud Bahmani, the former governor of Central Bank of Iran, announced on Sunday that he was actually unable to restore the value of Iranian rial due to embargoes on Iran’s economy. Accordingly he believes that the Iranian government cannot manage local exchange markets as long as Iran’s economy is suffering from sanctions.

Meanwhile, Iranians are hoping for an end to these conditions. Iranian new president Hassan Rouhani is expected to strengthen the value of rial against foreign currencies by taking right measures.

Jassem Hosseinpour, an Iranian economist, says economic sanctions play key role in depreciation of rial against U.S. dollar. He suggests the Iranian government to convince Western administrations to lift their sanctions from the nation’s economy.

“I am confident that business and economy will improve in Iran as soon as Western states terminate their existing sanctions. According to the statistics published on May by Central Bank of Iran, economic sanctions are the main reasons for devaluation of Iran’s national currency.” Jassem Hosseinpour remarked in an interview with the Herald Boy.

According to this Iranian scholar, sanctions are operating like ‘poison’ for Iran’s economy. “On the other side, the government should support local producers and exporters in order to reduce the unemployment rate. However, these measures are not helpful while Iran cannot export goods and products to international markets.”

Currently, the Iran-based companies and individuals are feeling difficulties in exporting their goods and services to the European and American markets. Subsequently, Iranians have also lost their shares in Asian markets, as some Asian companies have decided to cut their economic ties with Iranians.

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