Iranian Official Announces New Packages for Regulating Currency Market

(Saturday, October 6, 2018) 10:03

Head of Iran’s Plan and Budget Organization said the administration is going to implement five new packages of measures to regulate the foreign currency market.

He said the packages are meant to regulate the currency market and deal with other economic challenges, including an improvement of the livelihood conditions.

 Nobakht then outlined plans regarding two of the packages on employment and settlement of the problems that contractors are facing.

In late August, Rouhani appeared before the parliament to give an explanation about his administration’s performance following the decline of the national currency’s value and controversial economic policies.

On Sunday, the Iranian presidential office’s chief of staff, Mahmoud Vaezi, highlighted the role of the US, Saudi Arabia and the United Arab Emirates in volatility in the country’s currency market.

On May 8, US President Donald Trump pulled his country out of the JCPOA, which was achieved in Vienna in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

The US also re-imposed sanctions against Iran, announced plans to get as many countries as possible down to zero Iranian oil imports, and launched a campaign of “maximum economic and diplomatic pressure” on Iran.

Meanwhile, Iran’s market has experienced a hike in the value of foreign currencies and gold coin prices in recent months.

There has been growing demand for dollars among ordinary Iranians, who fear more plunge in the value of their assets and growing price of goods, even those not imported from abroad.