Fakher: The New Foreign Exchange Center has Deteriorated Currency Markets

The New Foreign Exchange Center has Deteriorated Currency Markets

Iran’s Chamber of Commerce vice-president, Hooshang Fakher, said the new foreign exchange center which established by Central Bank of Iran to control the currency crisis has deteriorated the conditions of currency markets in Iran. According to today’s trades in this center, the exchange rate of Iranian Rials for U.S. Dollars was set on 25,450. The unofficial rate of U.S. Dollar in Tehran’s free market is not currently available but it is estimated between 35,000 to 45,000 Rials.

“Before starting the operation of this center, we had only two prices in market (including free market and Marja). Also the situation was better than the current condition, actually it was more organized. In that time, applicants and buyers could provide their necessary currencies from free market or ‘reference’ if they subjected to conditions.” Hooshang Fakher said.

“These situations will reduce the production in country. Because of the fluctuations in prices, producers cannot purchase raw materials and other needed components. I believe the new foreign exchange center has worsened the conditions in Iran’s currency markets.” Hooshang Fakher added.

The increasing of Dollar exchange rate in Iran is mainly because of the financial sanctions imposed by the United States on Iran over its disputed nuclear program. But the Iranian government refuses the effects of these sanctions and they believe ‘psychological’ affect of sanctions has caused the current crisis in this country.

He is a student of Economics , pursuing the same from Delhi University . Apart from Writing , He is quite passionate about Photography as well . His other hobbies include playing cricket and listening to music . Currently He resides in Delhi . He was invited to join Kabir News agency in 2012 after opening the official website . Phone number: +9999936738 , Email address: Saurabh (at) KabirNews.com

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