February 19, 2023 20:23

Rial Sinks to New Low, CBI Has Plans to Control Rates

CBI boss Mohammad Reza Farzin last week expressed the hope that “new measures” employed by the regulator would help bring down forex rates. But it was not to be

With forex rates at historic highs, the Central Bank of Iran says it has new plans for “managing currency rates”.
"The CBI has new plans in accord with the forex market's current conditions. What is being said on social media is not based on market reality. We urge the people to refrain from taking emotional decisions," Shiva Ravashi, the director of foreign trade said, the CBI website reported.
Currency rates have jumped to historic highs over the past several months as the rial tanks and people seek safe havens to protect what is left of their hard-earned savings.
According to local reports, the US dollar traded at a new high of 486,000 rials on Sunday in Tehran's open market, up 1.8% on the previous day. The Iran Central Exchange website tagged the greenback at 447,600 rials. Melli Exchange and other bank-affiliated moneychangers quoted the dollar at 451,190 rials on Sunday, up 0.11% on the previous day's close.

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