The head of the Central Bank’s claim about no serious shortage of foreign currency; car prices “up 8%”

The head of the Central Bank’s claim about no serious shortage of foreign currency; car prices “up 8%”

🔸The Governor of the Central Bank of Iran, in response to the continued decline in the value of the rial, rejected a serious shortage of foreign currency for imports and said that a significant part of the current pressure on the currency market is due to the increase in “precautionary, speculative demand and capital outflows.”

🔸Abdolناصر Hemati said on Friday, 13 Shahrivar, that despite wartime conditions, severe foreign restrictions, and disruption in trade, “the amount of foreign currency provided for imports since the beginning of the year has fallen by only 15% compared with the same period last year.”

🔸He said: “When commercial demand is not facing a serious shortage of foreign currency, a significant part of the pressures we observe in the foreign exchange market should be sought in the rise of precautionary, speculative demand and demand for capital outflows.”

🔸This assessment is being made while, in recent days, the value of the rial has fallen in another wave and the dollar price in the free market has reached an unprecedented level of 223,000 tomans.

🔸Three days ago, the head of the Central Bank of Iran had also said that Iran has “enough” foreign currency at its disposal and that, if needed, the central bank is ready to inject up to two billion dollars into the market, but those remarks did not prevent the continued rise in the exchange rate.

🔸On Friday, the Governor of the Central Bank also claimed that in recent months the bank has strengthened its position of foreign exchange reserves and has sufficient resources to meet the country’s commercial needs, but did not provide a figure regarding the amount of reserves available.

🔸These remarks are being made while he had said on 28 Mordad that the United States has blocked Iran’s access to part of its financial reserves abroad.

🔸Meanwhile, the rise in the exchange rate in recent weeks has also spread to the markets for various goods.

🔸Read the full report on the Radio Farda website.