NDFI Withdrawal Could Be a Savior

Governor of the Central Bank of Iran says the government decision to withdraw money from the National Development Fund of Iran, the country's sovereign wealth fund, could be an opportunity to help stabilize the forex market.  
Abdolnasser Hemmati wrote in an Instagram post on Friday that the scale of damage inflicted by the recent floods had made withdrawal from NDFI inevitable. 
Hemmati said the CBI can draw on the move by offering foreign currency in the market and maintain stability by lifting the supply side.
“The CBI will continue to pursue its regulatory role and use [NDFI] resources to help stabilize the market and strike a balance on the supply and demand side,” he wrote.