CBI Favours Gradual Rial Appreciation

May 2003
Middle East Monitor: The Gulf;May2003, Vol. 13 Issue 5, p10
Country Report
Country Report
Mohsen Nourbakhsh, the recently deceased governor of the Central Bank of Iran (CBI) said in early January, 2003 that the CBI had asked the government to raise its hard currency ceiling in order to enable it to service foreign debt and continue to implement the single parity exchange rate. Equally, a sharp downturn in oil prices could see the currency remaining either unchanged from the current rate of Iranian rupees 7, 980 or it could even depreciate. In addition, our forecast for appreciation assumes that the government will maintain its current currency policy and not enforce any further effective devaluations, such as the one introduced in March 2002. The Central Bank of Iran (CBI) will favour a gradual appreciation of the currency going forward, mainly as its public wage bill would become unmanageable if the currency experienced a sharp increase in its value against other major currencies.


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