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 ...

Nat’l Virtual Currency in the Offing
Months after the idea was first publicized, it seems that Iran...
Valiollah Seif
Governor of the Central Bank of Iran said on Wednesday anti-...
Lexus’ New Crossover to Break Cover  in March
Lexus will pull the covers off of the production version of...
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...
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...
SCI Puts Inflation  at 8.3%
The average goods and services Consumer Price Index in Iran...

Add new comment

Read our comment policy before posting your viewpoints