By dominating the foreign exchange market, we do not have any problems in the field of foreign exchange reserves

According to Iran Economist, the 10th annual conference on electronic banking and payment systems is being held in Tehran this morning with the presence of the Governor General of the Central Bank, the Minister of Communications, bank CEOs and officials of the country’s monetary and banking system.

At the beginning of this ceremony, Mohammadreza Farzin, the head of the Central Bank, stated: The definite policy of the Central Bank is to stabilize the economy, and in this context, we are considering the policy of currency stabilization and monetary stabilization.

Stating that the Central Bank has sufficient control over the foreign exchange market, he said: We cannot state our foreign exchange reserves, because the enemy is conducting real operations in addition to psychological operations, but we assure you that there is no problem in terms of foreign exchange reserves. We do not have and we have sufficient control over the currency market.

Farzin pointed to the understanding of the Central Bank, Ministry of Security and Municipality yesterday and said: We have reached an understanding for the purchase of electric cars and related equipment and we are considering the necessary resources for that.

The head of the central bank also said about the stabilization of the growth rate of liquidity: the growth rate of liquidity has decreased from about 40% to 26% and we continue the policy of stabilization in this field.

* Some people abroad are planning for the Iranian currency market

He said: “I am informed that some people are sitting abroad and planning for the country’s currency market, and they regularly present imaginary dates that the exchange rate will jump, and they have even considered a hypothetical spring that they claim that this spring will jump, and if If people trust their words and don’t trust our statistics and information, this will definitely happen.

Farzin pointed to psychological operations in the field of the foreign exchange market in 1990 and said: While the price of oil had reached about 120 dollars that year and our trade balance was associated with a surplus of 55 billion dollars, this figure has not yet been realized, but The enemy was able to induce a currency shock with psychological operations and the value of the country’s rial decreased by one third that year.

* We do not have enough supervision over banks

The Governor General of the Central Bank called the issue of supervision another important issue in the Central Bank and said: “We do not have sufficient supervision over the banks, and even considering the previous experience in the banking network, the banks themselves do not have sufficient and effective supervision in their subgroups, and this issue It must be strengthened and we must supervise both the currency market and the rial market.

In another part of his speech, he referred to Rial and Dollar as a public good and said: This is not a private good that is in the possession of a few people, and we emphasize that the currencies that are in the possession of a few people must be returned, and we have foreign exchange resources. We don’t spend ourselves for free, but foreign exchange resources should be spent on the development of the country’s infrastructure.

Farzin also emphasized: the country’s economy should be predictable and economic actors should be able to invest, but if attention is only paid to foreign channels that regularly give dates that change the exchange rate on a certain date, then there will be no predictability. None of the dates that have been announced so far have been realized and new dates are being announced.

In another part of his speech, the Governor General of the Central Bank, referring to the importance of statistics and information for economic decision makers, said: the inflation rate that is announced is based on the information of the previous year and its ratio compared to the previous two years, while in the world the macroeconomic information is up-to-date. and we must prepare the information in such a way that it can be effectively provided to policymakers and economic activists.

He emphasized: Many foreign exchange impulses originate from outside the country, which economic activists should not pay attention to, and the government’s policy is to stabilize the economy and make the economy predictable for economic activists.

Farzin stated: There was stability in the market in the past few months, but some people are spreading rumors about what some American, Qatari or British official said and trying to disrupt the currency market, while economic activists should listen to the country’s authorities.

The Governor General of the Central Bank also stated that one of the sources of inflation is the government’s budget deficit and said: We will not allow the budget deficit to become Rial, that is, it will be compensated by printing money, while foreign channels say that due to the budget deficit at the end of the year, there will be an increase in liquidity. but we do not allow the budget deficit to be compensated in rials.

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