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Central Bank Governor Claims 40% Recovery In Value Of Iran's Currency

Head of Central Bank, Abdolnasser Hemmati, 2019. File photo

The Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati says the value of the Iranian currency rial has been strengthened by 40 percent during recent months.

Hemmati’s claim comes on the backdrop of a sharp devaluation of Iran’s rial last year and its partial recovery in recent months. He was probably referring to last year when the rate of exchange for every U.S. dollar rose from 55,000 rials in March 2018 to up to around 180,000 rials in September of that year.

The latest rate of exchange for U.S. dollar in Tehran has been 117,000 rials per USD on Thursday. Before the establishment of the Islamic republic in 1979, one US dollar bought 70 rials.

Hemmati added that the rial’s recovery started at the same time full U.S. sanctions kicked in, adding "During the past 8 months our national currency regained its value by 40 percent and currently, we are in control of the rates of exchange and the market is relatively stable."

The public relations office of the Central bank gave the news to Iranian agencies saying the remarks were made as part of NBC's interview with Hemmati. However, Hemmati's remarks on the NBC website appear to be mainly about oil exports.

According to NBC news website, Hemmati said that Iran is still exporting some oil, however, he declined to present any figures. "About the exact figures and statistics, let’s keep them with us," said Hemmati.