75620
Pedram Soltani
Pedram Soltani

Call for Accepting Rising Forex Rates

Call for Accepting Rising Forex Rates

Iranian people, businessmen and policymakers must accept the rise in foreign exchange rates because the country’s inflation rate has been higher than the global average as well as the rate in trading companies in recent years, the deputy head of Iran Chamber of Commerce, Industries, Mines and Agriculture said.
“High inflation rates had their impact and even if we managed to keep the foreign exchange rates low, it was realized through oil revenues,” Pedram Soltani was also quoted as saying by ISNA.
The exchange rate for the US dollar, the most widely-traded foreign currency in the Iranian market, currently hovers above 40,000 rials–a rate previously considered unusual.  
Soltani noted that Iran sells raw materials and an increase in currency rates would not be beneficial for exports, as the country’s production sector is currently challenged by unhealthy competition and smuggling.
“Therefore, even if a balance in currency rates does not have a significant impact on exports, it would work in our favor in terms of imports and [in countering] contraband and help local manufacturers that only produce commodities required by the domestic market,” he said.

 

Short URL : https://goo.gl/ZtCaJG
  1. https://goo.gl/5wAt1f
  • https://goo.gl/xTjzsy
  • https://goo.gl/bZmkHY
  • https://goo.gl/FLzRvX
  • https://goo.gl/9JdP54

You can also read ...

Automotive Giants Hit  by Massive Data Breach
Security researcher UpGuard Cyber Risk disclosed Friday that...
Travel Currency Policy Facing Revision
Confirming rumors of an imminent change in the Central Bank of...
Mindful of the risks inherent in starting a trade war with the US, the EU will probably not be able to provide Tehran with extensive support.
If it wants to keep the nuclear deal alive, the EU will need...
Iranian Parliament Firm on Preventing FATF Blacklisting
Majlis Economic Commission, a major force in Iran's Parliament...
Secondary Forex Market Rates to Soar
The supply of currency to the Secondary Forex Market will...
Command Economy Taking Biggest Toll on Stocks
Bulls at Tehran stock market are exhausted, as bears keep...
21% Rise in Non-Oil Trade With Afghanistan
Iran traded 1.58 million tons of non-oil commodities worth $...
No Reverting to Economic Policies of 1980s
One of the wonders in this day and age, in Iran, is the...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus