Leader urges CBI to boost cur­rency

Iran Daily - - Front Page -

Leader of Is­lamic Rev­o­lu­tion Ay­a­tol­lah Seyyed Ali Khamenei or­dered the Cen­tral Bank of Iran (CBI) to boost the value of rial, the bank’s gov­er­nor said on Satur­day, after a months-long plunge in the cur­rency due to a fal­ter­ing econ­omy and US sanc­tions.

Gov­er­nor Ab­dol­nasser Hem­mati said Ay­a­tol­lah Khamenei “or­dered the bank at a re­cent meet­ing to in­creas­ingly strengthen the na­tional cur­rency and called for the ob­ser­vance of the in­de­pen­dence of the Cen­tral Bank,” IRNA re­ported.

“The Cen­tral Bank and the bank­ing sys­tem will use all of its man­age­rial power and ex­per­tise to ful­fill the Leader’s goals,” Hem­mati said.

The rial’s plunge had reached about 75 per­cent in the past few months, but it has re­cov­ered some of its value in re­cent weeks, ac­cord­ing to Reuters.

The cur­rency has been volatile for months be­cause of fi­nan­cial dif­fi­cul­ties at lo­cal banks and heavy de­mand for dol­lars among or­di­nary Ira­ni­ans to pro­tect their sav­ings as the United States with­drew from a land­mark 2015 nu­clear ac­cord and piled pres­sure on Iran by reim­pos­ing sanc­tions.

REUTERS

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