The situation of foreign exchange reserves is very good, but we do not give free currency to anyone
According to Iran EconomistMohammad Reza Farzin stated at the 10th annual conference of electronic banking and payment systems: artificial intelligence is decision-making based on data and information and helps in governance, and this knowledge should grow in the banking industry.
He added: The use of artificial intelligence in the banking industry is 7% and we must reach 15%
Pointing out that we are in a good situation in some areas, Farzin continued: 97% of our payment system is electronic, and our actions in the field of checks are acceptable, and Ivy and Megh check systems were launched, and 90% of checks are cashiers. Confidence in the check has improved and the number of prisoners has decreased to one in three days.
The head of the central bank said about other actions of the central bank: offline authentication is another action announced by the central bank and carried out by the banks.
He further said that the separation of commercial and personal accounts is a suitable measure of the central bank, and about 12,300,000 commercial and personal accounts have been separated, of which 2,300,000 are legal accounts.
Farzin said: “Siyag system is a good measure and the execution of the sentence has been reduced from 200 days to 4 minutes and the time for processing cases has been reduced.”
We have serious problems in banking supervision
Emphasizing that there are many problems in the central bank and we have a long way to go to achieve optimal banking, he said: one of the most important issues is supervision, and we do not supervise banks in terms of laws and regulations, customers, etc., and the bank also do not have a strict supervision of their activities and we must use the knowledge of intelligence in the development of the supervision of the central bank.
He emphasized: If we have a strict monitoring of banks and money circulation in the country, economic fluctuations will be prevented. We must monitor currency and money circulation.
He stated that the governance of Rial is the main issue because Rial is the national currency and currency and money are used in dealings with other countries and there is no supervision over it and necessary measures should be taken in this regard.
Macroeconomic statistics are not up to date
Pointing out that the production of statistics and information is an important issue, he said: the central bank and statistics center publish macroeconomic data, based on which the necessary policy to prevent the crisis should be adopted. But this data does not help in solving economic variable issues because it is not up to date. For example, the inflation information is based on the information of the last two years, and this does not help in policy-making and is mostly a tool for political discussions; While we must consider national interests in the analysis of statistics.
He emphasized: statistics that help policymakers should be prepared. In order to improve the implementation of monetary and foreign exchange policy, information in this field should be prepared and made available to the stakeholders.
The country’s economy should become predictable
The Governor of the Central Bank further said: Another problem is predictability of the economy. In the 1990s, we were faced with various economic impulses every year, and most of them originate from outside the country, and we must have stability in order to reduce the negative effects, and we must anticipate and adopt the necessary policy. And economic fluctuations are the reason why we cannot make decisions in time.
He continued: Another important issue in the current situation is the expectations regarding the currency. They make some psychological expectations, and there is a team that causes the currency to fluctuate with psychological operations, and with the interviews they conduct, they raise and lower the price of the currency. And they raise the expectations of economic activists and cause problems in the economy.
We have good foreign exchange reserves, but we do not give free currency
He clarified: We have a very good situation in terms of currency and we have no problems and our control over currency is high. But we don’t spend the currency for free and the currency is in anyone’s hand, it must be returned and there are no exceptions. Currency is a public good and part of stabilization policy.
The policy of stabilizing the policy is definite and we will not fall short and the expectations should be adjusted based on this policy, don’t pay attention to the springs that say.
He added: “Expectations are important to us. If people don’t trust us and data producers, we won’t succeed.”
The head of the central bank said: Our currency shocks in 1990 were in terms of trade balance surplus of 55 billion dollars. In this situation, the value of the national currency decreased to a third and this to The reason for the war was narrative and psychological atmosphere.
He said: Some tweet every night They say that we have a currency jump, but it is happening do not fall. Everyone should help the central bank because the purpose of this bank is to bring peace to the economy.
We do not allow the budget deficit to be monetized
Farzin clarified: the government’s budget deficit is not a significant figure and we will not allow the government’s budget deficit to become Rial. We are looking for that if we have a deficit, it will not lead to liquidity; Because inflation is caused by liquidity and we control liquidity.
Cryptocurrency production is implemented in the country
The head of Central Bank said: Another issue is crypto currency. The central bank’s policy was to legally help exports and imports. The production of cryptocurrency is implemented in the country and our restrictions are to prevent money laundering and we intend to check that the laws governing it help the stability of the economy. In this regard, a team has been formed to do this work and help in reforming policies.