BAKU, Azerbaijan, December 29. The Chairman of
the Central Bank of Iran (CBI), Mohammad Reza Farzin, has submitted
his resignation letter to President Masoud Pezeshkian due to the
daily depreciation of the Iranian currency against foreign
currencies, Iranian Vice President Mehdi Tabatabaei told local
media, Trend
reports.
According to him, it is anticipated that the Iranian President
will soon make a decision regarding the resignation of the Central
Bank of Iran (CBI) chairman, likely accepting it.
Tabatabaei further emphasized that replacing the CBI chairman
alone will not resolve the issue of foreign currency fluctuations.
Nevertheless, the government has been actively exploring potential
solutions to address the ongoing crisis. He noted that a
significant portion of the recent surge in foreign currency values
against the rial can be attributed to the broader economic
conditions prevailing within the country, while the remaining
portion is driven by emotional reactions. He suggested that once
these emotions subside, there is a possibility for stabilization in
the currency market.
In a related development, traders in Tehran staged a protest
today, voicing their dissatisfaction with the continuous
depreciation of the rial. Hundreds of market participants gathered,
demanding immediate measures to stabilize the currency’s value.
Currently, the official exchange rate of the CBI places the
value of $1 at 755,000 rials, while on the black market, it is
being traded for as much as 1.4 million rials.
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