Iran News ...


10/04/12

Iran has no lack of currency: Deputy speaker of parliament

Source: Tehran Times

"The government has no lack of currency and can inject it into the market for a long amount of time," deputy speaker of Iranian parliament (Majlis) said on Tuesday.


Mohammad Reza Bahonar
 

Mohammad Reza Bahonar insisted that authorities had enough financial firepower to stabilize the rial, the Mehr news agency quoted him as saying.

Meanwhile, the government blames the accelerating drop on currency speculators and has tried in vain this year to stamp out black market traders.


Cartoon: Iran's sinking economy (Titanic II)
Source: Mardomak

Iran's minister of industry, mines expects its security services to root out speculators who are to blame for a plunge of the rial.

"We have greater expectations that the security services will control the branches and sources of disruption in the exchange market," Iran's minister of industry, mines and trade Mehdi Ghazanfari said, according to the Fars news agency.

"Brokers in the market are also pursuing the increase in price because for them it will be profitable, and there is nobody to control them."

Ghazanfari did not elaborate on the identity of the speculators or how authorities could control them.
For managing the currency market, Iran government launched an "exchange center" to supply dollars to importers of some basic goods.

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