Iran's central bank pumps millions of dollars to support the riyal

[yota691]

Iran's central bank pumps millions of dollars to suppor t the riyal

10:11 - 28/06/2020

 

Information / Baghdad ..
The Governor of the Central Bank of Iran, Abdul Nasser Hamti, announced that he will pump millions of dollars to maintain the stability of the currency market, after the Iranian riyal had fallen to historical levels last week.
"Over the past few days, hundreds of millions of dollars have entered the market through intermediaries (linked to the central bank) and many of the plans of those trying to destabilize the foreign exchange market have been thwarted," he said in an Instagram post.
The rial plunged to an all-time low on Tuesday before recovering slightly. The riyal is under pressure from US sanctions and the Corona virus crisis.
Iranian officials have previously said that the government has largely abandoned the policy of pumping large amounts of hard currency with the aim of supporting the riyal since 2018 when the riyal lost about 75 percent of its value after the United States withdrew from the international nuclear deal and its next decision to reimpose sanctions on Tehran. Ended / 25

[yota691]

Iran's central bank vows to fight speculation in the local currency

11:20 - 27/06/2020

 

  

The information / Baghdad ..

The Iranian Central Bank announced that it will defend the faltering Iranian riyal in the face of speculation, and without pumping a hard currency into the market, in response to the currency's decline to historic low levels this week.

"No committed and knowledgeable central bank is scattering its resources in the market in the periods when we see the economy undergoing short-term shocks," said Abdel Nasser Hemty, the bank's governor, late Friday.

He added: "The central bank will definitely deal with fluctuations based on speculation, and the trend during the past three days has shown that strong market management will prevent disturbances."

The Iranian riyal plunged to an all-time low on Tuesday, before recovering slightly, days after increased IAEA diplomatic pressure on Tehran by its demand to allow IAEA inspectors access to two former suspected nuclear sites. Ended in / 25 pm

[southbeach]

Bump

[gregp]

Fingers crossed.  You never know.  Gamble may pay off.  

[gregp]

Thanks, Yota. 

[southbeach]

3 minutes ago, gregp said:

Fingers crossed.  You never know.  Gamble may pay off.  

Well yes, eventually.  Pres Trumps been trying to get them to play ball within the Gulf Region but they’re playing hard to get

[gregp]

2 minutes ago, southbeach said:

Well yes, eventually.  Pres Trumps been trying to get them to play ball within the Gulf Region but they’re playing hard to get

Trump Bootcamp.  
Break them down, and properly, build them back up. 

[southbeach]

Iran well aware of our Treasuries master plan for the GCC and Region, and does not want US to prosper off them.