Don’t worry, we are paying attention to the currency market
Mohammadreza Farzin, explaining the actions taken by the central bank to establish currency stability in the foreign exchange market, stated: We are looking for currency stability and this issue is not a one-time action.
He added: On this basis, we have conducted constructive negotiations with business partners, we conducted constructive negotiations with Qatar, Iraq, China and Dubai, which had good results.
He said: 20 days ago (at the beginning of my entry into the central bank), the exchange rate dropped by 4 thousand tomans, which showed that the central bank can intervene properly if it wants to.
Stating that we had an increase in the exchange rate in recent days, which I do not consider to be true, Farzin clarified: In the last 20 days, measures were taken to stabilize the currency market.
The head of the central bank while pointing out that the exchange rate in the last 20 days in the NIMA system was 28500; He stated: During this period, we provided all the basic foreign exchange needs of the country at the price of 28,500 Tomans.
Iran’s foreign exchange resources have become available
He emphasized: We do not have any currency restrictions to meet the country’s foreign exchange needs. Currency sources have become available. The results of regional negotiations are very positive. Currency sources are free, we provide currency, but they inflame the market in cyber space.
Stating that the supply of dirham currency has also increased in the Nima system, the Governor of the Central Bank continued: The supply of 200 million dollars of Iraq’s TBI currency, which is 10 billion dollars, started yesterday and will continue. We have started the resale of Chinese currencies in Nima, the allocation of which has been reduced from 28 days to 48 hours.
Selling 5,000 euros to people in exchanges from Tuesday
Farzin once again announced the launch of the gold and currency exchange market in the next two weeks and said: In the Nakhada system, which will be unveiled soon, foreign exchange needs such as medical and student needs will be fully met. In this market, we will give currency to the applicants based on the documents. During this period, we freed the exchanges to sell up to 5,000 euros to applicants.
Referring to the recent currency circular of the central bank, he said to the exchange offices: Exchange offices felt that we limited them, while we allowed them to buy and sell currency; The $30,000 limit does not mean a limit, but we announced that the positive position they can maintain is $30,000, which means that if they buy $100,000, they should sell it for $70,000. They can sell people 5 thousand euros instead of 2 thousand dollars.
He went on to emphasize that the created psychological atmosphere is very different from the reality and stated: Central Bank statistics show that we have exported 20 billion and 500 million dollars more than our imports.
The country’s foreign exchange reserves increased by more than 20 billion dollars
He emphasized: The country’s foreign exchange reserves have increased by more than 20 billion dollars and are available to us abroad, so we do not have any problems in providing foreign currency. Besides, the comparison of currency allocation in NIMA system with last year shows the facts.
According to the head of the central bank, there is no problem with banknotes and since the beginning of the year, 2 billion dollars have been offered at prices of around 39 thousand tomans.
Don’t worry, we are paying attention to the currency market
He went on to say: “In order to continue the plans, we first had to be sure of the foreign exchange reserves, and my trips were in this field.” This year’s non-oil exports were about 33 billion dollars, and now many of our foreign exchange resources have been released and will be seen in practice.
Referring to the rate setting in the virtual space, Farzin said: They make numbers in a limited and virtual space, which is far from reality.
The Governor General of the Central Bank explained about the free market of foreign exchange that we will enter the free market and set rates. We will surely establish currency stability step by step.
He also addressed the people and said: I came here tonight to tell you not to worry, we are paying attention to the currency market.
28500 tomans dollar is not like 4200 tomans dollar
Regarding the criticism of the 28,500 Toman dollar, Farzin said: They criticized that the exchange rate of 28,500 Tomans is similar to the exchange rate of 4,200 Tomans and 1,226 Tomans, but this currency is different. This number is determined based on the exchange rate of ATS 28500 and balances the government budget because the exchange rate in the government budget is 23 thousand tomans.
He emphasized: consumer balance will also be established because we don’t want people’s basic goods to become more expensive. The only problem may be for exporters, which is mainly for oil and petrochemicals, and if other exporters suffer, they will be supported by market creation and support policies.
The decision to increase the bank deposit interest rate will be implemented soon
The head of the central bank said about the bank’s decision to change the bank interest rate: the Money and Credit Council has a resolution to increase the bank deposit interest rate, which will be implemented soon.
He explained about the supply of other parts of coins in the stock market as follows: At first, when we offered quarter coins, the prices decreased, but the recent inflationary expectations increased the price bubble of quarter coins again. The supply of quarter coins will continue and if necessary, we will also supply the whole coin in the stock market.
He said about the bank’s program to control liquidity and inflation: First, the source of liquidity in the country should be determined, the main part of which is the monetary base and the growing factor. The monetary base is a result of banks’ dissatisfaction and the increase of foreign assets.
The Governor of the Central Bank stated that there are good interactions with the Parliament and the Planning and Budget Organization in the budget, and said: If the government cannot resolve the discrepancy, it will increase the monetary base again. Another problem is the imbalance of the banks, some banks have a lot of overdrafts from the central bank, and I will have a meeting with all of them to resolve their imbalance by selling their assets.
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