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The Central Bank of Iran goes out of its silence and reveals the “causes” of the collapse of the currency

The latest developments in the exchange and gold market have been “organized by the country’s enemies” who seek to “destabilize” Iran’s economy.

The Iranian Central Bank said in a statement quoted by Fars News Agency that the developments in the exchange market and gold are not commensurate with the economic realities and the potential of the country in this area.

The Iranian central bank said that, based on its own and legal responsibility, it carefully monitors recent developments in the foreign currency and gold exchange market, “often caused by a plot of enemies of the country, which is in the context of creating economic turbulence and undermining the psychological calm of citizens.”

The statement said that the Central Bank is currently preparing necessary programs and new approaches contained in the program announced by the Governor of the new Central Bank, will be activated in the coming days and announced as required in this area.

This is the first acknowledgment by the monetary authority in Iran of the difficulties faced by the riyal, and the existence of a large gap between the official exchange rates announced by the bank and trading in the markets.

According to the site Bonbast one of the most accurate sites that the Iranian currency, it reached about 111 thousand riyals against the dollar, compared to 42 thousand dollars the price announced by the Central Bank.

In an effort to control the gap, the Finance Ministry announced on Saturday the allocation of $ 18 billion to cover imports at the official exchange rate. Iranian Finance Minister Masood Karbasian said that imports to be covered at the official price are the first category, which includes commodities, medicines and industrial sectors .

Iran has been embroiled in a new economic crisis since the administration of US President Donald Trump decided to break the nuclear deal, imposing sanctions on Iranian exports and threatening its countries and institutions with sanctions if Iran continues to export oil from November 4. Source