Recognition of the Central Bank to provide 4200 Tomans of currency by purchasing from the Nima system in 1999

According to the economic correspondent of Fars News Agency, the supply of 11 billion and 100 million dollars of 4,200 Tomans in 1999, while the government sold only 5 billion dollars to the Central Bank in that year, had become one of the unresolved ambiguities in that year. .

At the same time, Abdul Nasser Hemmati, the then Governor of the Central Bank, in response to the statement that the Central Bank provided the difference between the currency received from the government and the currency of 4200 Tomans paid to the importer from the system, in other words from the exporter It has been given to the importer at the price of 4200 Tomans. The Central Bank has not used this method in any way, but has provided this difference from its foreign exchange reserves.

Recently, the Central Bank has published a report on economic developments in 1399. It has provided these analyzes and statistics of the economic situation of the country in 1999, but most of these statistics have been published in the reports of economic indicators and excerpts of economic statistics.

On page 28 of this report, in the section on changes in liquidity and monetary base, it is stated: The monetary base increased by 30.1 percent during the year که, which shows a decrease of 2.7 percentage points compared to its growth in year 1 (32.8%). The net foreign assets of the central bank increased by 35.3% compared to the end of the year and increased by 34.8%. The main reason for the increase in net foreign assets of the Central Bank was the net monetary effects of buying and selling foreign currency at the half rate (especially the purchase of foreign currency from the National Development Fund).

According to Fars, therefore, despite the repeated denials of Abdul Nasser Hemmati, the former governor of the Central Bank, the above clearly confirms the initial statement that the Central Bank bought the currency from the Nima system. In fact, part of the main reason for the growth of the monetary base last year and in fact the sharp growth of liquidity and inflation in this period was due to the purchase of currency from the Nima system by the Central Bank and its sale at the rate of 4200 Tomans.

* The major share of buying 4200 Tomans in the growth of the monetary base in 1999

According to official reports, in 1999, we had a total of $ 5 billion in oil revenues, but $ 11 billion and $ 100 million in foreign currency was paid 4,200 tomans for imports. Therefore, it can be said that 6 billion and 100 million dollars of foreign currency were purchased from this system last year.

Considering that in 1999, the net growth of foreign assets of the Central Bank was equal to 122 thousand and 800 billion Tomans and the difference between the Rial purchase of currency from the Nima system and the preferred currency was about 15 to 20 thousand Tomans, we can say about 100 thousand billion Tomans out of 106 thousand Billion tomans of monetary base growth last year was only due to the purchase of currency in the system.

It is said that due to the increase in oil exports this year, the currency of 4200 Tomans will be provided to the Central Bank from the currency sold by the government, and the Central Bank has not applied for the preferred currency in the Nima system during this period.

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