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Iran says forex situation improved by diplomatic overtures

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Iran says diplomatic overtures with Saudi Arabia and the UAE improved forex situation in the country.

The Central Bank of Iran (CBI) says the foreign exchange situation in the country has been improved by diplomatic overtures with Saudi Arabia and the United Arab Emirates (UAE).

A CBI statement issued on Sunday said that the government’s policy to boost relations with neighbors, especially with Saudi Arabia and the UAE, helped ease a weeks-long crisis in the Iranian foreign currency market that had pushed the prices up.

It said the supply of UAE dirham (DHS) to customers in a newly-established currency market had increased on Saturday to reach 630 million DHS.

“The government’s economic diplomacy policy through setting up new financial channels, creating credit lines and (attracting) investment by Arab countries will lead to bright perspectives for future management of the foreign exchange market,” said the CBI.

The statement comes following a China-mediated agreement between Iran and Saudi Arabia in early March that enabled the two oil-rich countries to restore their diplomatic ties after seven years.

It also comes after a high-ranking Iranian delegation that included senior economic officials traveled to the UAE to discuss better relations with the Arab country.

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