News ID: 318565
Published: 0309 GMT December 08, 2021

Raeisi urges identification of forex market’s destabilizing elements

Raeisi urges identification of forex market’s destabilizing elements
Iranian President Seyyed Ebrahim Raeisi addresses a meeting of the Government’s Economic Coordination Headquarters in Tehran on December 7, 2021.

National Desk

Iranian President Seyyed Ebrahim Raeisi called on related domestic organizations to prevent interference in domestic foreign currency market aimed at profiteering.

In an address to a meeting of the Government’s Economic Coordination Headquarters on Tuesday, the president said concurrent with supervising and controlling the forex market, related organizations are required to carefully identify interfering and destabilizing elements and fulfill their responsibilities in this regard with seriousness, reported.

It has become evident that some elements are interfering in the forex market and conspiring to destabilize it in order to profit from its fluctuations, he noted.

Raeisi described as necessary consistent and coordinated measures by responsible organizations to manage and organize the domestic foreign currency market.

Over the past few days, after the seventh round of the Vienna talks ended without any definite result, the Iranian rial has fallen to its lowest ever rates against the US dollar in the unofficial market.

The diplomatic process started in the Austrian capital in April aimed at restoring the 2015 nuclear deal between Iran and the P5+1. Seven rounds of talks have so far been held between Iran and the remaining parties to the agreement, namely China, Russia, France, Britain and Germany.

In 2018, the U.S. withdrew from the nuclear deal, officially known as the Joint Comprehensive Plan of Action (JCPOA), and reimposed its unilateral sanctions on Iran in a bid to cripple the country’s economy and bring the Islamic Republic to the negotiating table and hammer out a new deal.

Targeting mainly Iran’s oil and banking sectors, the sanctions failed to produce the result desired by the U.S. although pressuring the Iranian people through leading to hikes in major foreign currency rates in the domestic market.

Europe has so far failed to safeguard Iran’s interests within the JCPOA framework despite its initial promises in the aftermath of the U.S. withdrawal. In return, already disappointed at the E3 group’s – France, Britain and Germany – inaction in the face of Washington, Iran has taken a number of retaliatory measures based on Paragraph 36 of the United Nations Security Council Resolution 2231.

The measures involve a phased reduction of Iran’s commitments under the deal, steps Tehran has frequently said will be reversed if the other parties fully fulfill their pledges.



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