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Mahmoud Bahmani: Political Issues Affect Foreign Currency Exchange Rates in Iran

Mahmoud Bahmani Central Bank of Iran

Mahmoud Bahmani, the Governor of Central Bank of Iran, says CBI had performed very well in controlling the foreign currency exchange rates in the country, but other problems have inflated rates in Iran.

Talking to a group of reporters on Tuesday, Bahmani said: “Central Bank of Iran is responsible for controlling the inflation rate and regulating banking rules in the country. Although this governmental organization is not responsible for controlling exchange markets, we tried hard to stabilize these markets by applying right economic policies.”

“All the decisions made by CBI with regard to exchange rates were made after receiving feedbacks from economists.” Bahmani declared.

Bahmani believes that Iran’s economy is mainly suffering from diplomatic and political issues. “These kinds of issues increase inflation rate in the country. Consequently, Iranian Rial loses its values against foreign hard currencies.”

Maintaining the value of the national currency as well as facilitating trade transactions and contributing to the economic advancement of the country are among the most important purposes of Central Bank of Iran.

The United States and European governments have imposed economic sanctions on Iran over the country’s illegal nuclear activities. Tehran has been accused of developing nuclear weapons. Israel, the arch-foe of Islamic Republic in the Middle East region, has repeatedly requested world powers to stop Iran from pursuing its nuclear plan.

“Fortunately Central Bank of Iran has managed to accomplish its missions in the best possible way. We succeeded to control other markets appropriately. During the recent years, state-owned banks and financial institutions managed to provide credit lines to businessmen and traders in order to import basic goods to country despite international sanctions.” Mahmoud Bahmani added.

According to the Governor of Central Bank of Iran, the country’s economy is expected to move forward in next months. “Based on studies conducted by Central Bank, conditions of Iranian economy are promising and we can predict a good future for that.” Bahmani concluded.

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