Passing Judgment on Forex Decision Premature

It is too soon to pass judgment on the administration’s decision to fix the US dollar’s exchange rate at 42,000 rials, the deputy economy minister for banking and insurance said. Abdolrahman Nadimi Bushehri added that more time should be given to the Central Bank of Iran to implement its foreign exchange plan before making a final judgment, IBENA reported. The government announced on April 10 that it has unified the exchange rate of the US dollar at 42,000 rials in response to the worst currency crisis that hit the country in more than five years. The decision was announced by First Vice President Es’haq Jahangiri after an emergency Cabinet meeting presided by President Hassan Rouhani was held to stem the rial’s precipitous slide since the beginning of the current fiscal year on March 21.