Foreign currency price to decrease: Seif

TEHRAN, Jan. 22 (MNA) – Central Bank of Iran (CBI) Governor Valiollah Seif stressed that price of foreign currency will decrease in coming days, and advised people not to buy dollars as an investment.

Speaking reporters on the sidelines of Electronic Banking Conference, Valiollah Seif stressed that the exchange rate will certainly decrease over the coming days because the central bank reserves are very good and there is no worry about this.

In reply to a question by Mehr News Agency’s reporter, he added, “The oil price is increasing. The foreign exchange earnings are up now and in good situation. Therefore, there is no cause for worry about the currency market.”

He went on to say, “We do not advise people to invest in the foreign currency market. Experience has shown that investing in foreign currency has never been profitable. If one had invested in the banking system at the approved [authorized] rate, his earnings would have increased by 80% in five years, while the exchange rates have increased by only 50% since 2013. Therefore, investing in currency exchange market is not profitable at all.”

SP

News Code 131535

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