Iran news/ According to an Iran Press report, GholamReza Tajgardoun speaking to reporters and journalists on Tuesday, referred to the Greenback losing ground against the Rial in recent days and said it has been decided that the Central Bank of Iran (CBI) should intervene more in the currency markets. Tajgardoun said the CBI had its own reservations about intervention in the currency markets, taking a more cautious approach previously.
The head of the Iranian Parliament's planning, budget and estimation committee emphasized that "additional powers" had been given to the Central Bank of Iran (CBI) to intervene in the currency market and manage the market. Tajgardoun added: "Assuming that no unexpected events happen, the current trend should continue, with the Rial gaining ground against a basket of hard currencies, until 'a reasonable exchange rate' is established between the Rial and the Dollar.
Tajgardoun went on to warn: "It will take some time until 'a reasonable exchange rate' is established between the Rial and the Dollar, because there had been a jump in the market with the Rial losing its value against the Greenback. It will take some time to rectify this."
The US dollar is on a downwards trend since last Monday.
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