Top Council Extends Central Bank of Iran’s Forex Mandate

The Supreme Council of Economic Coordination extended the authority of the central bank governor, Abdolnasser Hemmati, for one more year to intervene and regulate the foreign exchange market, the government spokesperson said at the weekend.

The market now is relatively stable, Ali Rabi’ee said, underlining the need to maintain the status quo. Extension of the CBI governorï’s mandate was necessary to maintain this stability, Fars News Agency quoted him as saying.

The council -- a top economic decision making body comprising the head of three branches of government -- gave the go-ahead to the Central Bank of Iran last year to step in and intervene in the forex market following a period of steep forex rate volatility leaning heavily on chaos in the currency market.

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