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Reasons for decline in foreign currency exchange rates

Friday, 28 June 2013

Deputy Head of Iran’s Chamber of Commerce, Pedram Soltani, explains the fall in foreign currency prices and financial sector’s demands from new president. The foreign exchange market and those active in the economy welcomed the election of Rouhani, and expectations have increased that logic, reason, efficiency and determination based on economic knowledge will be restored to the country’s government. It was enough to alter the balance of supply and demand in the foreign currency market, and to tip the scales slightly in favor of demand. It did of course coincide with the last days of the month, which in any case bring a further decline in the prices of foreign currency because financiers are usually busy strengthening their Iranian currency accounts at this time, and only renew their [foreign market] activities in the first days of the following month. In any event, it seems that in the coming month we will be witnessing stability in the market, and that the price of the dollar will stabilize at an exchange rate of about 3,300 tomans (IRR 33,000).

 

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  • Published: 2 years ago on Friday, 28 June 2013
  • By: Iran Daily Brief
  • Last Modified: June 28, 2013 @ 12:51 pm
  • Filed Under: Economy
  • Tagged with:
  • Source(s):
    • http://www.ireconomy.ir/fa/page/4927/%DA%86%D8%B1%D8%A7+%D8%A7%D8%B1%D8%B2+%D8%A7%D8%B1%D8%B2%D8%A7%D9%86+%D8%B4%D8%AF%D8%9F+.html

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