Central Bank of Iran Says Subsidized Forex Policy a Short-Term Strategy

In a report to the decision-making Money and Credit Council, the Central Bank of Iran outlined the effects of subsidized foreign exchange on the price of essential goods and food. 
The report was released by the CBI on its website amid growing criticism about the ostensible merits of the scheme that apparently failed to perform as a cushion in the wake of ongoing dramatic price hikes of basic goods.   
With the help of hard evidence, the CBI tires to show that forex allocations at the preferential rate of 42,000 rials was successful in fulfilling its pivotal objectives, i.e. keeping the price surge of essential goods in check and supporting poor and vulnerable households.