Exchange rate to be unified 6 months after sanctions relief

TEHRAN, Dec. 07 (MNA) – The governor of CBI has said Iran will run Unified Exchange Rate System six months after the lifting of sanctions adding that the downward trend of exchange rate will continue in the market.

On the sidelines of a meeting with Swedish Minister for Enterprise and Innovation Mikael Damberg, Valiollah Seif said Iran will officially have a unified exchange rate in a maximum of six months after sanctions removal.

“One of the prerequisites for stabilizing the exchange rate is having good international communications leading to rapid mobilization of resources which becomes feasible once the international sanctions are cancelled,” he added.

He further emphasized that the country’s state-run banks will soon rejoin the Society for Worldwide Interbank Financial Telecommunication (SWIFT); “currently, a working group at CBI are preparing the premises of the project,” noted the official.

“In past, we had good relationships with European banks and Iranian banks can use SWIF once JCPOA enters into effect,” asserted Seif.

The official noted the policies pursued by CBI stressing “foreign currencies are no longer the basis for investment and those who buy them with the hope of some future profit will suffer from a loss.”

CBI governor reiterated that the idea has stood the test of the time and the price of foreign currencies will definitely follow a downturn trend.

Underlining that the Iranian banking system has had good relations with Sweden, Seif said “considering the new conditions of the post sanction era, we need to reinvigorate the ties and make them more active in order to achieve increased trade between the two countries.”

“Iran and Sweden have had good and longstanding relations as well as that Swedish goods enjoy a good reputation among Iranians,” he added.

Seif stated that the Islamic Republic of Iran’s policy is to form appropriate economic relations with its former trade partners; “in the new era, we seek to have joint productive venture through foreign investment in Iran and to distribute the products in the region’s vast market,” he maintained.

“Boosting economic relations leading to economic stability demands appropriate banking services and we have made a great deal of effort in this regard,” Seif concluded.

 

HA/2992843

 

News Code 112598

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