Iranian authorities took measures from Russia to strengthen the national currency. Among other things, we are talking about the practice of regulating income and reserves from export operations by the local Central Bank (CB). informs RIA News.
In the last six months, the rate of the Iranian national currency – the rial – has almost halved. As a result, more than 600 thousand riyals are currently issued for the US dollar (in mid-December, the rate was around 380 thousand). The article states that strengthening the control of the local Central Bank has helped the country’s authorities to prevent an even greater decline in the currency rate of the unit of account.
“All foreign exchange earnings and reserves from export transactions are now adjusted at the Central Bank’s key rate. The same thing happened in Russia a year ago. The actions of the Central Bank and the Ministry of Finance stopped the sharp fall of the ruble, the rise in inflation and the risks to the banking system, ”the material says.
March 2 US Department of the Treasury (MoF) extended sanctions against Iran. Some Iranian energy firms, including Bushehr Petrochemical Company, Shiraz Petrochemical and 20 ships, fell under the new restrictions.