Top economy brass:
Forex market to calm with next week supply
Iranian Economy Minister Ali Madanizadeh announced on Thursday that an “equitable” amount of foreign exchange currency would be funneled into the national market in the coming week, amid heightened tensions and widespread protests across the country over livelihood problems stemming from the national currency depreciation.
“We will have hefty supply of foreign exchange currency to the market next week,” Madanizadeh said.
Iran’s economy minister also stressed on Thursday that those officials failing to abide by supplying the hard currency would be “dismissed within a day,” as a CEO was fired yesterday.
Moreover, Central Bank of Iran (CBI) governor Abdolnasser Hemmati underlined that 275 million dollars had been injected into the market, in what is viewed as a new record and an indication of serenity in the forex market.
“Yesterday, we had a 275-million-dollar supply by petchems, steel producers and other non-oil companies, which is a new record and signifies a calming trend in the market,” Hemmati said.
The remarks come at a time when the Iranian economy has been grappling with the depreciation of the national currency and soaring inflation, developments that have unsettled markets and weighed heavily on households and businesses.
Various cities have been the scene of protests since December 28, with a number of rioters and agitators seizing on the unrest to inflict damage on public property.