Iran News ...


01/08/12

Iran's Currency Resumes Fall Following Rumors Central Bank Chief Has Resigned

Payvand.com - In today's trading in Tehran, Iran's currency rial resumed its fall. According to khabar online, trading opened at 1600 tomans for a dollar, reached 1650 by noon and peaked at 1670 in the afternoon. Among the factors noted for today's fall of rial is a rumor that the head of the Central Bank, Mahmoud Bahmani, has resigned from his post. (Note: one toman=10 rials)

The recent flurry of sanctions announced against Iran by U.S. and European allies, which for the first time target Iran's Central Bank, is being credited as the main reason for Iran's currency coming under pressure.

The currency situation has the Central Bank and the Parliament scrambling to come up with solutions. But this has just added to the confusion and hysteria. The Parliament has been busy debating a new new law for combating smuggling of currency. Today one part of the law was passed by the Parliament which makes it illegal for people or businesses to trade foreign currencies unless they have been licensed by the government. This was also noted as a big reason for for currency fluctuations gaining momentum today.

Iran Rejects Rumors about Resignation of CBI Governor

TEHRAN (Fars News Agency)- Senior officials of the Central Bank of Iran (CBI) denied rumors that the bank's governor has resigned.

"Mr. (Mahmoud) Bahmani will remain firmly in his job and whoever has published this false report has made a mistake," the Iranian students news agency quoted Deputy CBI Governor Ebrahim Darvishi as saying.


Mahmoud) Bahmani, head of Central Bank of Iran (CBI)

Bahmani was appointed by President Mahmoud Ahmadinejad as the governor of the Central Bank of Iran in September 2008.

In his decree, Ahmadinejad had called on Bahmani to increase the country's economic growth and value of the national currency, Rial.

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