Economy, Business And Markets

Iran Parliament Mulls Forex Rescue Package

The criticism of CBI’s performance grew louder after the sudden jump in forex rates in the early days of the current Iranian year (started March 21)
On Saturday, rial was traded at 51,210 to the dollar. On Saturday, rial was traded at 51,210 to the dollar.

With the US dollar's exchange rate remaining above the psychological threshold of 50,000 rials in Tehran's market, lawmakers frustrated with the performance of the Central Bank of Iran in managing the volatility are considering a roadmap of their own to restore calm to the market. 
According to Chairman of Majlis Economic Commission Mohammad Reza Pour-Ebrahimi, the body is to meet next week with CBI officials to find a way out of the current predicament where forex rates are bullish without an apparently logical reason. 
"A joint meeting of the [economic] commission with central bank officials is due next week and if we reach a decision to make our plans operational, things will continue as they are but if we do not reach an agreement, we will introduce our double-urgency motion to stabilize the forex market [in the parliament] next week," Pour-Ebrahimi was also quoted as saying by Mehr News Agency on Saturday.  


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