32538
USD Refuses Backseat
Economy, Business And Markets

USD Refuses Backseat

Foreign exchange rates might drop in the short-run due to the psychological situation after the lifting of sanctions according to Mohammad Mehdi Raiszade, a banking advisor to the Iran Chamber of Commerce.  The analyst added that the forex market will go through relatively stable phases in the long-term but dismissed the possibility of the greenback retreating to somewhere around 32,000-33,000 rials.
The member of the Money and Credit Council referred to the recent volatility in the forex market and held security issues in the region responsible for the US dollar’s surge.  Recently, the US currency passed the psychological level of 36,000 widening the gap between the official rate of 30,000 and its rate in the parallel market.
  Raiszade added that the Central Bank of Iran will be better placed to unify  forex rates when the sanctions fade.
“With the situation becoming normal for our banking sector and reconnection to SWIFT, we can eventually unify the exchange rates,” ISNA quoted him as saying.
Declining Oil Prices
He pointed to the sharp decline in international oil prices saying that a price recovery for the black stuff in the foreseeable future is pretty far-fetched. He proposed focusing on tax revenues as a substitute for the unprecedented decline in oil revenues. Raiszade, however, stressed the importance of “equally distributing the tax plan” warning that putting the entire tax burden on the manufactures will invite more insolvency.
Global crude prices are at 11-year lows due to oversupply mainly by the OPEC members. On Sunday Brent Crude Oil – the main international index --was traded at $ 36.88 while the WTI Crude Oil sold for $34.73 a barrel.

Short URL : http://goo.gl/gsp2an
  1. http://goo.gl/9HSK1U
  • http://goo.gl/cC61DE
  • http://goo.gl/aPClJm
  • http://goo.gl/yN4cMf
  • http://goo.gl/6wa1Tf

You can also read ...

Valiollah Seif
Governor of the Central Bank of Iran said on Wednesday anti-...
Nat’l Virtual Currency in the Offing
Months after the idea was first publicized, it seems that Iran...
5th Indian Wheat Cargo Arrives for Afghanistan in Chabahar
India’s fifth consignment of wheat to be sent to Afghanistan...
Presale Crosses  96,000 Gold Coins
The presale of Bahar Azadi gold coins priced at 14 million...
Lexus’ New Crossover to Break Cover  in March
Lexus will pull the covers off of the production version of...
The government has required car importers to pay the higher tariffs announced in January.
The government has finally allowed the clearance of imported...
Spanish Foreign Minister Alfonso Dastis met with President Hassan Rouhani on Feb, 21.
Foreign ministers of the Netherlands and Spain are in Tehran...
Bank Loans Top $100b in 10 Months
Banks and credit institutions doled out more than 4.62...

Trending

Googleplus