Seyf: Iran To Prioritize Forex Market Stability

Tehran, Oct 14, IRNA – Governor of the Central Bank of Iran (CBI) Valiollah Seyf said in Washington on Sunday that the CBI major policy aims to give the priority to managed floating exchange rate and relative stability in the foreign exchange market. Seyf made the remark in a meeting with the executive deputy head of the International Monetary Fund (IMF) and the Middle East section and Iran Table Group officials on the sidelines of the meeting of the group of 24 developing countries, which is known as G-24. Seyf said the Iranian government adopted a plan to boost production and employment. He said that there is considerable foreign exchange reserve despite existing limits making up for positive features of the current situation. He criticized the US government for imposing sanctions on Central Bank of Iran in contravention of the international law and depriving a nation of free trade rights and said that the government has adopted emergency plan to stem the difficulties the national economy exposed to by the arbitrary sanctions. Highlighting the need for independence of the Central Bank, Seyf said that there is consensus among the cabinet ministers about CBI independence, especially positive view of the president in this concern, ensures a positive future for economy. The IMF officials for their part confirmed imbalance in various economic sectors, saying change in the current policies is necessary. They said they are ready to offer technical assistance using experience of other countries. Meanwhile, Seyf met with Iranian economists at the IMF and the World Bank in Washington, urging them to offer their views to help address difficulties of national economy. The Iranian delegation, the head of the Monetary and Credit Council held talks with a number of the central banks governors general of other countries on issues of mutual interest. They called for adopting strategies to expand commercial and banking relations./end