Iran’s Central Bank opens new currency, gold exchange center
Gisoo Misha Ahmadi
Press TV, Tehran
“Bringing currency volatility under control” is the name of the game, for the new governor of the Central Bank of Iran Mohammad-Reza Farzin, who is charged with getting a grip on the Iranian rial and devising new strategies to alleviate the country’s economic woes amid unprecedented western sanctions… and to do so he has unveiled a new gold and currency exchange center in an effort to regulate market fluctuations or in his own words “stabilize market rates by adjusting demand and supply.”
But most importantly as a powerful tool to control "speculative inflation"… For those familiar with Iran’s economy: the most essential economic parameter that can effectively tip the scales.
This means that all foreign exchange resources notably from exports must be supervised by the Central Bank.
This is actually a policy that has been successfully implemented by Russia and allowed the ruble to recover its value within a month after its initial plunge at the beginning of the Ukraine war.
And the good news is: If this policy is successfully implemented, the recovery of the rial is imminent, in a situation very similar to what happened in Russia.
Russia’s currency is gaining strength. The ruble is hitting new highs against the US dollar. Russia’s economy is making a turnaround despite unprecedented western pressure. Now Iran, taking Russia as a role model, is hoping to do the same.
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