EGFI: Iran Forex Reserves Sufficient

The government has sufficient financial resources to implement the long-pending single foreign exchange rate regime, said Kamal Seyyed Ali, head of the Export Guarantee Fund of Iran.

“Shortage of forex resources is no more a challenge as our revenues from exports have reached $45 billion. Considering the revenues from crude oil exports, the Central Bank of Iran should have sufficient hard currency reserves,” Mehr News Agency quoted him as saying on Monday.

Iran’s foreign assets are also adequate, the EGFI official added.  “A single forex rate regime will improve Iran’s attractiveness to foreign investors.”

Senior CBI officials have often said the regulator is planning to unify the currency rates before the current fiscal year ends in March 2017.