Iran's CB Mandate to Regulate Currency Market Renewed

The Supreme Council of Economic Coordination on Tuesday extended the authority of the Central Bank of Iran for one more year to control the currency market and regulate exchange rates. 
Abdolnasser Hemmati, the CBI governor, made the announcement in his social media account, adding that the mandate includes the authority to undertake much-awaited reforms in the struggling banking sector. 
The council, which functions as the top economic decision-making body comprising the head of three branches of government, gave a nod to the CBI in summer 2018 to step in and intervene in the chaotic currency market following steep increase in forex rates.