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Rouhani Says US Trying to Disrupt Iran’s Forex Market

Rouhani Says US Trying to Disrupt Iran’s Forex Market
folder_openIran access_time 28 days ago
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By Staff, Agencies

Iranian President Hassan Rouhani said on Thursday that the US hatched new plots to harm Iran’s economy by disrupting the country’s foreign currency market.

One thing that can foil the US plot is activating the country’s production and export sectors, Rouhani said via video links while opening five industrial projects in southeastern Sistan and Balouchistan province.

He added that the government is making all-out efforts to remove the obstacles in the way of production.

The Iranian president further said that an electronic government would facilitate the administrative processes. “The electronic government is one of the objectives the government will pursue seriously this year and people will see the results in the coming months”.

Rouhani also said that the government will ramp up pressure on the country’s exporters to return the hard currency they have earned over the past two and a half years to the forex market where prices have soared to highs not seen in decades.

After a brief hiatus, major currencies resumed rallies going back to their bad old ways on Wednesday as Central Bank of Iran’s selected moneychangers demanded higher rates.

The US dollar rose to 224,000 rials in the free market, up approximately 5,000 rials compared to a session earlier to grab 2.3% gain overnight. Euro hiked about 1.5% to 250,000 rials and the UK pound sterling fetched 279,000 rials, up slightly from 276,000 rials the day earlier.

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