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Lawmaker criticizes currency fluctuations in Iran

Lawmaker criticizes currency fluctuations in Iran

Iran Moves to Change Its Currency Unit Back to the Toman (08 December 2016 11:46)

Date: 3 December 2015 16:37


Baku, Azerbaijan, Dec. 3

By Khalid Kazimov - Trend:

An Iranian lawmaker has criticized the country’s Central Bank over currency fluctuations saying the issue will not have good effects on the country's economy.

If events such as New Year ceremonies or religious rituals determine the rate of currency in the country we cannot be hopeful about the future of the country’s economy, Mohsen Sarami, an Iranian lawmaker, told IMNA news agency Dec.3.

He called on Iran’s Central Bank to adopt clear policies to regulate the country’s currency market and criticized the central bank for mismanagement over the currency rates.

He further urged the central bank to unify its official and unofficial exchange rates to prevent fluctuations in future.

Earlier in mid-November Governor of the Central Bank of Iran Valiollah Seif voiced his organization’s plans to unify official and unofficial exchange rates following the implementation of a July nuclear deal agreed between Tehran and the world powers. According to the July deal sanctions against Tehran are expected to be lifted in return for scaling down Tehran’s
controversial nuclear program.

On Nov. 30 Seif said that the prices of the foreign currencies including dollar have hiked in the country due to high demand prior to a religious event to take place in Iraqi city of Karbala marking the death anniversary of a Shia imam where millions of Iranians were expected to attend.

The rising trend of US dollar continues in Iran’s free market as the US currency sold at 36,052 rials on Dec.3 compared to 35,857 Dec.2. The Central Bank of Iran has put the official rate of US dollar, at 30,071 rials since Nov. 28.

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