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Iran foreign currency market has witnessed a drop in the rates during past weeks, according to an expert in the Iran Chamber of Commerce.
The collapse was influenced by
"Regarding the current economic situation in the country, the factors that caused the hikes and the critical conditions in the foreign currency market during the past months still exist. However it is possible the frail relation between
The Iranian national currency (rial) has rebounded recently due to CBI interventions on foreign currency rates.
The devaluation of
"The other reason that caused the foreign currency drop was the Central Bank of Iran (CBI) policy to change the process of currency return from export revenues in the Integrated Forex Exchange System (NIMA) and issue of
The Central Bank of Iran (CBI) issued the instructions on return details of the foreign currency earned by exporters into the domestic financial system NIMA.
Depending on the exports revenue, the CBI offered exemption on the portion of foreign currency being returned to the system.
Mousapour noted that drop of foreign currency rate and its consistency is what economic activists desire.
He expressed hope that the rates decline
"Currently the country's economic future is ambiguous for economic activists since they demand stable rates with less turbulence,” he said.