New decisions made about forex supply, exports & imports

TEHRAN, Oct. 21 (MNA) – Parliament Speaker announced that the body has made new decisions about the swap of goods, supply of foreign exchange as well as improving imports and export procedures.

"In this closed session on Wednesday, attended by the Industry Minister Razm Hosseini, economic subjects including the priorities of the ministry, setting the goods' prices, supply and distribution of goods, and issues related to steel companies were discussed," Mohammad Bagher Ghalibaf said.

"Some new decisions about the swap of goods, reforming export and import processes and supply of foreign exchange currencies were made during the session," he added.

He hoped that these decisions will have the necessary impact on stabilizing the domestic stock market and reducing the forex rates.

After a long period of climbing, the foreign exchange rates and gold prices declined on Tuesday, following renewed intervention by the Central Bank of Iran. 

Earlier in the week, the CBI said it was pumping $50 million in the chaotic market every day to curb prices. The CBI has reportedly injected $385 million in the regulated forex market in the past five days. 

As the domestic gold market is heavily influenced by forex rates, the precious metal also experienced a steep decline on Tuesday. 

HJ/IRN84083700

News Code 164997

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