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Iranian MP: Joining FATF cannot lead to decrease in currency rate

19 April 2019 [13:24] - TODAY.AZ

By Trend

Two controversial bills related to the Financial Action Task Force (FATF), namely the convention against the funding of terrorism (CFT) and the UN Convention against Transnational Organized Crime (known as Palermo bill in Iran), have already been approved by the lawmakers in the Iranian Parliament and need to gain the approval of the Expediency Council after they were rejected by the Guardian Council.

A Member of Iranian Parliament told Trend that the FATF's adoption cannot lower the price of the currency and that foreign currency fluctuations are more domestic. "Foreign exchange disruptions in the country are more rooted in internal factors than foreign ones," he argued. Referring to the severe exchange rate fluctuations in December, the MP said that at that time, when the sanctions had not yet been imposed, controlling these factors could have an effect on lowering the exchange rate.

"Recently, the Foreign Minister and his deputy explicitly informed that they could not commit the massive changes after the approval of the FATF or promise to lift sanctions and, in total, to improve the overall economic situation," Naser Mousavi Laregani said. "So it cannot be expected that the adoption of these bills would take the burden out of the country."

In his words, given that FATF is a kind of self-sanctioning, the adoption of the bill could close all the ways of Iran's escape from the sanctions.

FATF has given Iran an extended June deadline to complete the reforms necessary for joining the international body.


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