Economy, Business And Markets

Call for Strong National Currency

Call for Strong National CurrencyCall for Strong National Currency

The Central Bank of Iran needs to focus on strengthening the national currency before it is able to operate as an autonomous body, said the president of the Coordinating Council of CEOs of State-Owned Banks on Wednesday.

“It also needs to avoid unnecessary injection of liquidity,” he added.

Fortunately, the cabinet and the president agree that the central bank needs to determine monetary policies and strengthen the national currency, said Abdonnaser Hemmati, the CEO of Bank Melli, adding that as long as these policies are focused, “the autonomy of the central bank is not related to the process whereby the CBI governor is appointed.”

“In a country where 80 percent of the economy is in the hands of the government, and a major part of the revenue comes from oil exports, inevitably the central bank cannot operate as a totally autonomous body,” said Hemmati whilst visiting the 20th International Exhibition of Press, News Agencies and Information Websites.