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Tehran authorities to intervene to raise the rial (RV) and undermine the U.S. sanctions
Iran says it has raised the value of its currency yesterday, about 20 percent after the intervention of the Central Bank (archive)
Tehran - Reuters
Said Iranian media said the Iranian riyal rose by about 20 percent against the dollar on Wednesday after the central bank intervened to support the country's currency to recover somewhat from the heavy losses suffered after the imposition of new U.S. sanctions.
Rial fell to a record low after the President signed a law Barack Obama imposes new sanctions on Iran's central bank on Saturday.
And if applied full sanctions may undermine the ability of Iran's main oil producer on the sale of oil in world markets.
The Iranian authorities have reduced down any link between the decline in the currency and U.S. sanctions, saying it will take the necessary measures to preserve the value of the rial.
The newspaper said that the Iranian economy Jahani dollar exchange rate which stood at about 18 thousand riyals on Tuesday declined on Wednesday to 14 thousand riyals.
The dollar reached some 10,500 riyals last month.
Mahmoud Bahmani said Iran's central bank governor said the volatility in the foreign exchange market is the "psychological warfare" waged by the enemies of Iran, according to Kayhan newspaper reported.
The Bahmani "the central bank is trying to use fiscal and monetary tools ... attractive to encourage people to save their money in banks."
The Iranians are trying to get foreign currency as a safe haven for their wealth in the face of rising inflation and low bank interest on the deposits of savers and fears of a possible military strike by the United States and Israel.
Said Mehdi Ghazanfari and Minister of Industry, Trade and Mines, "a request from the Central Bank to inject more foreign currency in the market when necessary."
Some analysts believe the government is making a profit from the surge in the dollar exchange rate but the fall in the riyal has raised fears among ordinary citizens.
The prices of basic foodstuffs, including up to 40 percent in the past few months, and many critics attribute this to the increasing isolation of the country due to economic and foreign policies of President Mahmoud Ahmadinejad.
On the other hand rose futures for Brent more than a dollar on Wednesday, U.S. crude recovered early losses and turned higher on news of an agreement in principle EU governments to ban the import of Iranian oil.
And Brent crude contracts for February, $ 1.07 to 113.20 dollars a barrel by 1453 GMT, while U.S. light crude contract in February 34 cents to 103.30 dollars a barrel.
The Iranian Oil Minister Rustam Ghasemi said Monday that oil sanctions imposed by the United States and some European countries against Iran, does not have any effect, at a time when oil official announced that the size of the South Pars gas field reserves of oil estimated at 7.5 billion barrels.
The news agency "IRNA" Iranian news Ghasemi on the sidelines of the signing of the drilling of two wells Ttaiwirien oilfields in the South Pars gas field shared with Qatar, he was "not due to anything that happens as a result of the sanctions it imposed on Iran's past and present as well."
He added that Iran benefited from the opportunities of sanctions well over the years in which various types of sanctions imposed on them.
The Company signed a Pars oil and gas wells drilled agreement Ttaiwirien oilfields for 40 months with the company "Global Petrotech" Iranian worth $ 182 million under a plan to develop gas production in the South Pars field in a comprehensive manner.
And as Managing Director of Pars Oil and Gas Moussa Syrian by signing the size of South Pars gas field reserves of oil of 7.5 billion barrels.
He pointed out that the oil in this field is the kind of heavy, saying that the agreement was signed in the framework of production and maintenance of sustainable production of gas in the common fields.
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Iran says it has raised the value of its currency yesterday, about 20 percent after the intervention of the Central Bank (archive)
Tehran - Reuters
Said Iranian media said the Iranian riyal rose by about 20 percent against the dollar on Wednesday after the central bank intervened to support the country's currency to recover somewhat from the heavy losses suffered after the imposition of new U.S. sanctions.
Rial fell to a record low after the President signed a law Barack Obama imposes new sanctions on Iran's central bank on Saturday.
And if applied full sanctions may undermine the ability of Iran's main oil producer on the sale of oil in world markets.
The Iranian authorities have reduced down any link between the decline in the currency and U.S. sanctions, saying it will take the necessary measures to preserve the value of the rial.
The newspaper said that the Iranian economy Jahani dollar exchange rate which stood at about 18 thousand riyals on Tuesday declined on Wednesday to 14 thousand riyals.
The dollar reached some 10,500 riyals last month.
Mahmoud Bahmani said Iran's central bank governor said the volatility in the foreign exchange market is the "psychological warfare" waged by the enemies of Iran, according to Kayhan newspaper reported.
The Bahmani "the central bank is trying to use fiscal and monetary tools ... attractive to encourage people to save their money in banks."
The Iranians are trying to get foreign currency as a safe haven for their wealth in the face of rising inflation and low bank interest on the deposits of savers and fears of a possible military strike by the United States and Israel.
Said Mehdi Ghazanfari and Minister of Industry, Trade and Mines, "a request from the Central Bank to inject more foreign currency in the market when necessary."
Some analysts believe the government is making a profit from the surge in the dollar exchange rate but the fall in the riyal has raised fears among ordinary citizens.
The prices of basic foodstuffs, including up to 40 percent in the past few months, and many critics attribute this to the increasing isolation of the country due to economic and foreign policies of President Mahmoud Ahmadinejad.
On the other hand rose futures for Brent more than a dollar on Wednesday, U.S. crude recovered early losses and turned higher on news of an agreement in principle EU governments to ban the import of Iranian oil.
And Brent crude contracts for February, $ 1.07 to 113.20 dollars a barrel by 1453 GMT, while U.S. light crude contract in February 34 cents to 103.30 dollars a barrel.
The Iranian Oil Minister Rustam Ghasemi said Monday that oil sanctions imposed by the United States and some European countries against Iran, does not have any effect, at a time when oil official announced that the size of the South Pars gas field reserves of oil estimated at 7.5 billion barrels.
The news agency "IRNA" Iranian news Ghasemi on the sidelines of the signing of the drilling of two wells Ttaiwirien oilfields in the South Pars gas field shared with Qatar, he was "not due to anything that happens as a result of the sanctions it imposed on Iran's past and present as well."
He added that Iran benefited from the opportunities of sanctions well over the years in which various types of sanctions imposed on them.
The Company signed a Pars oil and gas wells drilled agreement Ttaiwirien oilfields for 40 months with the company "Global Petrotech" Iranian worth $ 182 million under a plan to develop gas production in the South Pars field in a comprehensive manner.
And as Managing Director of Pars Oil and Gas Moussa Syrian by signing the size of South Pars gas field reserves of oil of 7.5 billion barrels.
He pointed out that the oil in this field is the kind of heavy, saying that the agreement was signed in the framework of production and maintenance of sustainable production of gas in the common fields.
[You must be registered and logged in to see this link.]
